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Indices rise on blue chip gains
A strong performance by blue chips led shares to close higher yesterday on both of the nation's stock exchanges.
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| Investors ponder progress at ACB Securities. Shares closed higher yesterday on both of the nation's stock exchanges thanks to a strong performance by blue chips. — VNS Photo Viet Thanh |
On the HCM City Stock Exchange, the VN-Index closed at 468.26 points, a 1.2-per-cent gain on the day, as advancers outnumbered decliners by 228-35.
The value of trades fell from last Friday's profit-taking session, however, reaching just VND1.36 trillion (US$64.7 million) as the volume of trades dropped 26.5 per cent to 89.7 million shares.
Of the 30 leading shares by market capitalisation and liquidity, four retreated, including insurer Bao Viet Holdings (BVH), food processor Masan Group (MSN), Sacombank (STB) and Gemadept Logistics (GMD). With 25 other stocks tracked by the index gaining, the VN30 Index edged up by 1.3 per cent to 539.17 points.
Real estate stocks continued to outperform the market, as they have for a number of recent sessions. HCM City Infrastructure Investment Co (CII) posted a 34-per-cent growth in net profit in the first quarter of the year compared to the same period last year, while Thu Duc House (TDH) announced yesterday that it would divest from some financial projects to concentrate its resources on its core operations. On the Ha Noi Stock Exchange yesterday, the HNX-Index rose over 2.5 per cent to 80.37 points. Value was essentially unchanged from Friday's session, totalling VND1 trillion ($47.6 million) on a volume of 91.3 million shares. Gainers outnumbered losers by 256-45.
With nearly 9.5 million changing hands, Habubank (HBB) again became the most-active share nationwide.
Kim Eng Securities Co analysts said their technical analysis suggested that the benchmark indices on both stock exchanges were in a sustained upward trend. "We think holding shares or opening buy positions are both appropriate strategies at this time," they said.
Sounding a note of caution, however, the State Securities Commission has put about 10 per cent of listed companies on both bourses under strict control due to a lack of profitability, predicting that more were to come once more enterprises released their updated financial reports.
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