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Index sustains gains despite strong sells
Stocks managed to post gains on the HCM City Stock Exchange by the end of Tuesday's session as investors continued buying despite increased profit-taking selling pressure in the afternoon.
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| Source:VietstockFinance |
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On the HCM City Stock Exchange, the VN-Index advanced to 491.52 points in the morning before sliding to 488.07, up just 0.36 per cent over Monday's close.
Heavy profit-taking sales pushed the market volume up 33 per cent to nearly 133.2 million shares while the value of yesterday's trades also jumped 23 per cent to VND2.22 trillion (US$105.7 million).
Blue chips were mixed. Thirteen of the 30 leading shares by market value and liquidity rallied while 11 lost ground and six closed unchanged. The VN30 Index increased 0.85 per cent to close at over 557 points.
Banks sustained their rises in the afternoon with Military Bank (MBB) and Sacombank (STB) continuing to hit the ceiling, while Eximbank (EIB) rose 2.7 per cent to VND18,800 ($0.90) and Vietinbank (CTG) increased 1.8 per cent to VND22,500 ($1.07). Vietcombank (VCB) jumped to VND34,400 ($1.64), but slid to VND33,700 ($1.60) by the end of the session.
Military Bank (MBB), the fifth largest listed lender, continued to be the most active code on the southern bourse yesterday with 7.6 million shares changing hands, closing at the ceiling of VND15,700 ($0.75).
Stock analysts said many investors decided to sell shares to take cash profits as they expected a correction ahead of a 500-point threshold following several days of gains.
Meanwhile, stocks on the Ha Noi Stock Exchange fell for the first time in the last four days with the HNX-Index declining from a one-year high to 83.64 points, a loss of 0.18 per cent over Monday's close, despite advancers outnumbering decliners by 182-135.
Trading value grew 22 per cent, totalling nearly VND1.44 trillion ($68.6 million) with 123.4 million shares exchanged.
While other leading shares such as VNDirect Securities (VND), Kim Long Securities (KLS) and PetroVietnam Construction (PVX) declined, the rise of Habubank (HBB) helped support the market. HBB was the most active share with 10.23 million of its stocks traded, gaining another 1.52 per cent to settle yesterday at VND6,700.
BIDV Securities analysts said both indices exceeded short-term peaks and resistance levels at around 520 points for the VN-Index and 90 points for the HNX-Index.
"The stock market will continue to benefit from the support policy for enterprises. Therefore, investors should pursue the buy and hold strategy during this period," they recommended via a research note yesterday.
Foreign investors remained net buyers on both exchanges yesterday, picking up a combined VND77 billion ($3.7 million) worth of shares.
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