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SBV support helps boost shares
Shares managed gains on both bourses yesterday, with investors favouring real estate stocks after a boost from the State Bank of Viet Nam's VND30 trillion (US$1.4 billion) support package.
PetroVietnam Construction (PVX) hit the ceiling price after a prolonged slump, while other real estate shares relishing gains including Sacomreal (SCR) and a number of Song Da's construction units.
Nguyen Xuan Binh from Bao Viet Securities Co, said that although profit-seeking started to increase, and the market experiencing mixed sessions, an overall uptrend was taking place.
"The reason for that may come from the rotation of cash flows from one group of stocks to another," he said.
Technical indicators were positive in the short and medium terms, Binh added, while "some sessions of correction will be opportunities for investors to buy."
On the HCM City Stock Exchange, the VN-Index added 0.5 per cent to 501.08 points after last Friday's loss, while advancers more than tripled losers in the session.
Trading value swelled to over VND1 trillion ($47.1 million) as 93.3 million shares changed hands.
Blue chips tracked by the VN30 also performed well. Among the 30 shares, only commercial baker Kinh Do (KDC) and food processor Bourbon Tay Ninh (SBT) retreated, while over two-thirds of the stocks advanced.
The VN30 gained 0.46 per cent, finishing the session at 559.32 points.
On the Ha Noi Stock Exchange, the benchmark HNX-Index rose 1.2 per cent to reach 64.06 points. Advancers outstripped decliners by 146-62.
The value of trades increased 18.7 per cent compared to last Friday, totalling VND328.6 billion ($15.5 million), while trading volume fetched more than 44.8 million shares.
The HNX30, composed of the bourse's top 30 shares in terms of capitalisation and liquidity, also climbed 1.87 per cent to 121.36 points.
Foreign investors narrowed their net buying value in HCM City by almost 90 per cent to just VND19.2 billion ($905,600) while they were net sellers in Ha Noi by a margin of VND2.25 billion ($106,100).
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