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VN-Index gasps for gains
Investors flocked to penny stocks on the HCM City Stock Exchange on Thursday, allowing the VN-Index to eke out another tiny gain of 0.02 percent, ending the session at 515.93 points.
Although trading volume rose by 10 per cent from Wednesday's session to 55 million shares, the value of the day's trades declined by 5 per cent to VND2 trillion (US$105.3 million). Gainers outnumbered losers by 103-80, with Sacombank (STB) being the most-active share on a volume of over 3.4 million shares.
Blue chips continued to sag, with Saigon Securities Inc (SSI), Vietcombank (VCB), Vietinbank (CTG), Kinh Do (KDC) and FPT Corporation (FPT) among the day's losers. Many of the day's gainers were penny stocks like DIC Investment and Trading Company (DIG), Ha Tien 1 Cement Company (HT1) and Petrolimex International Trading Company (PIT), apparently snapped up by speculative traders.
"Though the VN-Index maintained its upward trend, sluggish blue chips kept the market rise below 1 per cent," said independent market analyst Pham Viet Hung.
Hung predicted the market would continue to rally on improving investor confidence, noting the impact of Wednesday's move by the State Bank of Viet Nam to inject more capital into the commercial banking system and ease interest rate pressures.
Interbank rates, as well as foreign exchange rates, began to decline immediately after the move was announced on Wednesday, he noted.
"This reflects the initial results of the State Bank's effort to improve system liquidity," Hung added.
The HCM City bourse yesterday welcomed two newcomers, including Viet Nhat Seafood Corp (VNH) and Dong A Plastic Group Company (DAG).
VNH closed its first day of trades unchanged at VND19,200 ($1) on a volume of 26,800 shares, out of over 8 million listed. DAG also ended yesterday unchanged at VND21,600 ($1.15) on a volume of 28,500, out of 10 million shares listed.
On the Ha Noi Stock Exchange, the HNX-Index advanced by a more substantial 1.44 per cent to close at 170.62. Trading volume soared to over 51.1 million shares, up nearly 24 per cent from the previous session, while trading value also jumped by 28 per cent to nearly VND1.8 trillion ($94.7 million).
Gainers outnumbered losers by 201-43, with shares under the Song Da and PetroVietnam umbrellas hit their ceiling prices, including Song Da 9.01 (S91), Song Da 505 (S55), PetroVietnam Drilling (PVC) and PetroVietnam Gas Northern (PVG).
PetroVietnam Construction Company (PVX) again claimed the spot as most-active share on the northern market with over 5.8 million traded.
Foreign investors concluded yesterday's trades as net buyers by value on the HCM City market, by a net of just over VND3 billion ($157,895), but were net sellers by volume of 194,520 shares. On the Ha Noi market, they were net sellers by both volume and value of a net of 138,300 shares, worth a combined VND6.7 billion (354,568).
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