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Shares continue ‘Santa Claus rally'
Benchmark indices continued to add value during yesterday's session.
The VN-Index on the HCM City Stock Exchange closed at 511.60 points, up 0.07 per cent, while the VN30 tracking the southern bourse's leading shares lost 0.2 per cent to 572.13 points.
Among the 30 blue chips represented by the VN30, losers overwhelmed gainers by 19-4.
Meanwhile, trading value and volume on the bourse dropped around 55 per cent compared to Monday's level, reaching VND1 billion (US$47,619) and 81 million shares.
Property developer FLC Group (FLC) was the most active stock in HCM City yesterday, seeing over 11 million shares change hands at the ceiling price.
"The market still follows an uptrend," said Mekong Housing Bank Securities Co's analyst Hoang Thach Lan. "But the increase is slow, and the VN-Index will probably reach 530 points by year-end."
According to Tran Minh Hoang from Vietcombank Securities Company, December was a "Santa Claus rally", and the motivation for the rally would become apparent in mid-month thanks to exchange-traded funds and the anticipated improved economic data.
"In addition, as corporate performance has been enhanced, I hope companies will announce higher targets for next year," he said.
Hoang also advised investors to consider investing in blue chips, which had not gained much recently. Other analysts suggested investors could save up to 60 per cent of their portfolios on these shares.
On the Ha Noi Stock Exchange, the HNX-Index edged up 0.03 per cent to 66.14 points. The HNXFF Composite, also managed to add 0.05 per cent to end the session at 66.27 points.
Large-cap stocks, however, drove the HNX30 down 0.13 per cent to reach 125.37 points.
As more than 39.9 million shares were exchanged, trading value totalled VND272.7 billion ($12.8 million).
Meanwhile, foreign investors reduced their net buying value in Ha Noi by 66.5 per cent to VND6.7 billion ($316,000), and becoming net sellers in HCM City at VND4.7 billion ($221,690).
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