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Stocks continue to rise on positive news
This week's stock trading began with gains on both national exchanges June 18, extending the winning streak to a second straight day, following positive information from National Assembly meetings.
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Source: VietstockFinance
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Deputy Prime Minister Nguyen Xuan Phuc said the Government would pump about VND21 trillion (US$1 billion) a month into the economy in the latter half of this year in order to push credit growth up by 2 per cent per month, which aims to keep growth at 6 per cent.
On the HCM City Stock Exchange, the benchmark VN-Index advanced another 0.58 per cent to close yesterday at 435.59 points, but trade value decreased 32 per cent from Friday's level, totalling only VND900.4 billion ($42.9 million).
Blue chips still performed well as amongst the 30 largest shares by market value and liquidity, 17 climbed and only eight sank. Both PetroVietnam Finance (PVF) and Refrigeration Electrical Engineering Corp (REE) hit the one-day rise of 5 per cent while forth largest listed lender Sacombank (STB) rose over 4 per cent.
The VN30 Index, which measures the performance of the top 30 shares, also increased 0.57 per cent to stand at 510.81 points.
Tan Tao Investment Industry (ITA) remained the most active code on a total trade of 3.5 million shares, closing yesterday up 1.33 per cent at VND7,600 a share.
On the Ha Noi Stock Exchange, the HNX-Index managed to close in the green during the afternoon at 74.90 points despite rising to nearly 76 in the morning.
Market volume was still modest, reaching 47.8 million shares, worth over VND493 billion ($23.5 million). PetroVietnam Construction (PVX), with 5 million shares changing hands, was the most active code, closing unchanged at VND10,600 ($0.5) a pop.
While stock indices climbed two days in a row, many analysts felt confused about investors' "indifferent reaction" to recent economic information revealed by declining market volumes and values.
"With economic information quite positive, it seems incapable of boosting investor sentiment," said Ha Noi-based independent analyst Pham Viet Hung, noting domestic companies were still bemoaning hardships.
Foreign investors were net sellers in HCM City, responsible for VND5 billion ($238,000), but were net buyers in Ha Noi, having spent over VND1 billion ($52,000).
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