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Steel shares help reverse slide
The HCM City Stock Exchange reversed three days of declines on Wednesday, with the VN-Index gaining 1.1 per cent on the day to end the session at 512.12 points.
While volume remained steady at about 44.6 million shares, the value of the day's trades rose to VND2 trillion (US$105.3 million). Saigon Securities Inc (SSI) made the most impressive showing, with 3.6 million shares changing hands, accounting for nearly 8.3 per cent of market volume.
On the Ha Noi Stock Exchange, the HNX-Index rose by 0.75 per cent to close at 168.23 points. Volume reached 25 million shares, worth a combined VND864.1 billion ($45.5 million), with Kim Long Securities Company continuing to hold the position as most-active share on a volume of 3.1 million.
Analysts of Dai Viet Securities Company pointed to bounces in steel stocks and penny shares as primary drivers behind yesterday's modest rally. Steadily rising domestic steel prices had stoked investor expectations for profits within this sector, even while steel stocks remained undervalued on the market.
The advance of penny stocks created additional opportunities for day traders, they added.
Meanwhile, an announcement was expected soon from the State Securities Commission regarding shares to be resold within two days of purchase (So-called T+2 trading), and the policy change would likely help lift the market, said Do Hong Diep, Head of analysis for Habubank Securities Company.
The commission held a private meeting yesterday with securities companies, fund managers and securities organisations to seek their input on T+2 trading before the new method was formally implemented.
"The operation of T+2 trading will allow the introduction of a series of derivative tools in the future, including margin trading and futures contracts," Diep said, all of which would help invigorate trading.
Foreign investors continued to be net buyers for a second day, responsible for a combined 650,000 shares on both stock exchanges.
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