Blue chips lead opening trades
Blue chips lead opening trades
Shares opened higher this week on both national stock exchanges, boosted by large-cap stocks, but investors showed caution over easing liquidity.
On HCM City Stock Exchange, the VN-Index added 7.53 per cent, or as much as 1.27 per cent, to close at 600.57 points.
The gain came mainly from blue chips, including Vinamilk (VNM), which advanced 2.1 per cent to reach VND148,000 (US$7.04) per share, and PetroVietnam Gas Corporation (GAS), which gained 3.5 per cent to close at VND89,500 ($4.2).
With 22 stocks out of the southern bourse's 30 largest shares by capitalisation and liquidity adding value yesterday, the VN30-Index rose by 0.85 per cent to reach 672.97 points.
Other gainers included PetroVietnam Drilling Corporation (PVD), insurance Bao Viet Holdings (BVH), technology giant FPT Group (FPT) and Hoa Phat Group (HPG). Hoa Sen Group (HSG) and Masan Group (MSN) also gained.
Only four codes posted losses yesterday: Vietinbank (CTG), Sacombank (STB), real estate giant Vingroup (VIC) and PetroVietnam Fertilisers and Chemicals Corporation (DPM).
Although overall on the southern bourse, gainers doubled losers, investors were showing caution, wondering whether the market was in a bull trap as the benchmark index was boosted mainly by large-cap stocks.
The capital inflow returned to the midcap and penny stocks in the afternoon trading. However, the market liquidity eased over last week with 115.6 million shares changing hands, with a total value of VND2.38 trillion ($113.3 million), as investors were cautious that the market might drop after the VN-Index reached the 600-point level.
According to Vietnam Investment Securities, the 600-point level would continue to challenge the market today. However, the company believed that with the support of blue chips, the benchmark index would post a slight gain today.
FLC Join Stock Company (FLC) was the most active stock on the southern bourse by trading volume, seen rising 6.7 per cent to its ceiling price of VND15,900 ($0.75), with 15.6 million shares traded yesterday.
On Ha Noi Exchange, shares reversed the morning loss, closing higher with the HNX-Index adding 0.64 per cent to reach 87.32 points, while the HNXFF-Index, tracking stocks with a minimum free-float rate of 5 per cent, ended at 88.68 points, rising 0.77 per cent.
Blue chips also supported the gains on the northern bourse yesterday with the HNX30-Index, composed of the top stocks, finishing 1.53 per cent higher to close at 181.46 points.
With nearly 72.8 million shares traded, the trading value reached VND801 billion ($38.14 million).
Foreign investors, after concluding last week as net buyers, returned to net selling yesterday. The net selling volume and value of the foreign investors yesterday was 886,050 million shares and VND104.96 billion ($4.99 million) respectively.
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