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Bank, energy stocks lead bourses on upward trend
Shares extended rises to a second day on the two exchanges, again propped up by bank and energy stocks, but low liquidity continued to worry investors.
On the HCM Stock Exchange, the VN-Index added another 0.99 per cent to close yesterday's session at 572.34 points. It gained more than 2 per cent on Wednesday.
On the Ha Noi Stock Exchange, the HNX-Index also increased 1.17 per cent to end the session at 78.16 points.
Overall market conditions were positive, with 35 per cent of the 675 stocks advancing and 22 per cent declining while others remained steady.
Banks continued to provide the market momentum, as eight of a total of nine listed banks posted gains and one closed unchanged.
Vietcombank (VCB), the biggest lender by market capitalisation of more than VND122 trillion (US$5.4 billion), was the biggest gainer with a rise of 3.2 per cent. Sacombank (STB) followed closely with gains of 3.1 per cent.
Others advanced between 0.5 and 2 per cent.
Global oil prices recovered, supporting growth of domestic oil and gas shares.
PetroVietNam Low Pressure Gas Distribution (PGD) hit the ceiling limit of 7 per cent yesterday.
Other large-cap stocks include PV Gas (GAS), the second biggest stock nationwide; PetroVietnam Drilling and Wells Service (PVD); Petroleum Equipment Assembly & Metal Structure (PXS); and PetroVietnam Technical Services (PVS). They all climbed 1.5 to 4 per cent each.
Both US crude and Brent crude extended gains yesterday. US crude stood at $46.2 a barrel while Brent touched nearly $50 a barrel.
According to analysts at Sai Gon-Ha Noi Securities Co, the market is still exposed to risks from the decline, since low liquidity has remained a big concern.
Nearly 90 million shares worth VND1.53 trillion ($68 million) were traded on the HCM Stock Exchange, down 12 per cent in both volume and value, and much lower than August's average of 116 million shares and VND2.1 trillion ($93.3 million).
The figure was even lower on Ha Noi's market. The trading volume ended at just over 35 million shares worth VND416 billion ($18.5 million).
"This is sending an uncertain signal about the possibility of a strong rebound after a brief adjustment period since last week," analysts at Sai Gon-Ha Noi Securities Co wrote in a note.
Phat Dat Real Estate Development (PDR) and FLC Group (FLC) claimed the most active position nationwide with more than 4 million shares traded on each code.
Foreign investors returned as net buyers in the two markets yesterday, but their net sell value was a modest VND79 billion ($3.5 million).
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