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Dow Jones rally lifts indexes
The VN-Index rose for the second day by 2.16 per cent to close on October 06 trade at 460.72 points, tracking Dow Jones' five-month high overnight.
Trading volume was back in the black with 37.6 million shares changing hands, worth a combined VND1.01 trillion (US$51.8 million).
Almost all stocks on the HCM City Stock Exchange reached the highest increase in price [5 per cent] for penny stocks, including Cuong Thuan IDICO Development & Investment (CTI), Tay Bac Mineral Investment (KTB) and Binh Thanh Import-Export Production and Trade (GIL).
Blue chips also faired well on the southern bourse, such as Bao Viet Holdings (BVH), steel producer Pomina (POM), Tan Tao Industrial Park (ITA) and property trader Vincom (VIC).
Bank stocks rose slightly, despite concerns about lending rates, which have not decreased due to inflationary pressure. Sacombank (STB), considered the most active stocks at 2.05 million shares, and Eximbank (EIB) rose 0.1 per cent and Vietcombank (VCB) rose 0.6 per cent, while VietinBank (CTG) closed unchanged.
The HNX-Index of the Ha Noi Stock Exchange rose by 2.31 per cent yesterday, closing at 124.84 points on a total volume of 28.9 million shares.
The day's trading value fell to VND639.3 billion ($32.8 million), down 11.2 per cent from Tuesday's session, with PetroVietnam Construction (PVX) seeing the highest volume of 3.38 million shares.
Blue chips on the northern bourse rallied, including Asia Commercial Bank (ACB), up 0.2 per cent; Bao Viet Securities (BVS), 0.6 per cent; Kim Long Securities (KLS), 0.8 per cent; and PVX, 1.1 per cent.
Market analysts at Dai Viet Securities said concerns on inflation and interest rates, as well the hiking domestic gold price, were putting a brake on the capital flows in securities. But good news on the global markets could spur foreigners' trading, making them good assistants for market moves.
Foreigners yesterday bought in 4.9 million shares in both stock exchanges, for a total value of VND175.2 billion (nearly $9 million).
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Nguyen Kim Tien, a broker with a Ha Noi-based securities firm, said foreigners' trading was considered a reason to retain market activeness.
"A speculative flow of capital is pumping in hoping for instant profit," Tien said. "There will be a speculative wave basing on third-quarter earnings in the coming days."
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