Shares rally on investor optimism
Shares rally on investor optimism
Vietnamese shares soared on Wednesday, the first trading day of the lunar year, thanks to positive sentiment among investors.
The benchmark VN-Index on the HCM Stock Exchange climbed 2.59 per cent to close Wednesday at 1,087.15 points. It soared 1.7 per cent during the last trading day of the lunar year (February 13), closing at 1,059.73 points.
The HNX Index on the Ha Noi Stock Exchange edged up 1.24 per cent to end at 125.85 points. It edged up 1.88 per cent to end at 124.31 points on February 13.
The UPCOM Index on the Unlisted Public Company Market edged up 1.5 per cent to stand at 59.37 points. It edged up 1.83 per cent to finish at 58.50 points on February 13.
More than 239.4 million shares, worth VND6.84 trillion (US$300.7 million), were traded on Wednesday.
The market trading condition was ruled by gaining stocks, which were dominant over decliners by 432 to 194, while 822 other stocks ended flat.
The first trading session of the lunar year took place with a strong increase in banking stocks such as JSC Bank for Investment and Development of Viet Nam (BID), up 5.7 per cent; Bank for Foreign Trade of Viet Nam (VCB), increasing 3.4 per cent; Viet Nam Joint Stock Commercial Bank for Industry and Trade (CTG), moving up 2.4 per cent.
Meanwhile, oil-gas stocks experienced a wide divergence and had more negative movement than the overall market as PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS) and Petroleum Equipment Assembly & Metal Structure .,JSC (PXS) tumbled.
Large-cap stocks also had a good trading day as 24 of the 30 largest shares by market capitalisation advanced in the VN30 Index.
The VN30 Index was up 2.81 per cent to 1,034.76 points with more than 60 million shares exchanged, worth VND3.03 trillion.
Foreign investors saw a net sale of VND48.3 billion on HOSE, focusing on Hoa Phat Group Joint Stock Company (VND194.2 billion), Ho Chi Minh Development Joint Stock Commercial Bank (VND25.2 billion) and Vincom Retail Joint Stock Company (VND21 billion). In addition, they sold a net VND29.51 billion on the HNX.
According to BIDV Securities Co (BSC), the market is in the uptrend and it is likely to surpass the old peak of 2007.
“In the coming sessions when the cash flow returns, investors should consider good fundamental stocks with satisfactory Q1 results such as banking and real estate sectors,” BSC said in its daily report.
Meanwhile, Bao Viet Securities Company (BVSC) said in its report that after the rally today, the market may turn balanced in next sessions.
“The market may experience a divergence amid low liquidity on February 22,” BVSC said.
