Blue chips lead market rebound
Blue chips lead market rebound
Momentum from last Friday's rally on the HCM City Stock Exchange continued into the new week, with the VN-Index edging up 0.7 per cent September 17 to close at 401.75 points.
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| Source: VietstockFinance |
The value of trades totalled a modest VND593.3 billion (US$28.2 million) on a volume of 38.9 million shares, although nearly 100 stocks advanced.
Blue-chips performed well, pushing the VN30 Index up 0.95 per cent to 468.32 points. Insurer Bao Viet Holdings (BVH) and Sacombank (STB) hit their ceiling prices, with other banking stocks, including Vietinbank (CTG), Vietcombank (VCB) and Eximbank (EIB), also had a positive session.
The Market Vectors Viet Nam exchange-traded fund (ETF) increased its holdings of BVH and STB to 2.16 and 1.75 per cent of its portfolio, respectively. US fund iShares has also invested in these companies.
Overall, however, the general trend for bank shares has been declining, Kim Eng Securities Co analysts wrote in a note, adding, "Investors should consider carefully if they want to buy these stocks."
During yesterday's session, the VN-Index also made a bid to exceed the latest resistance level of 405 points but failed, they said, so prospects for a short-term rally were questionable.
On the Ha Noi Stock Exchange, the HNX-Index also failed to follow through on Friday's gains, declining by 0.9 per cent to 58.70 points. The value of trades was an exceedingly meagre VND172.3 billion ($8.2 million) on a volume of only 23.3 million shares.
The HNX30 Index, representing the northern bourse's leading shares in terms of market capitalisation and liquidity, also retreated by 1.5 per cent to 109.50 points.
"The downtrend will cease only when the HNX-Index moves beyond its resistance of 62.5 points," said the Kim Eng Securities analysts.
Global gold prices rose yesterday, yet domestic gold declined to around VND46.8 million ($2,200) per tael. (One tael was equivalent to 1.2 ounces). The decline was attributed to profit-taking as investors tried to cash in on last week's spike in prices.
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