Blue chips buoy market indices
Blue chips buoy market indices
Gains of blue chips January 24 helped sustain a market rise on the HCM City Stock Exchange, with the VN-Index climbing over 2 per cent to close at 452.40 points.
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| Source: VietstockFinance |
Many large caps hit their ceiling prices by the end of the session, including leading shares such as insurer Bao Viet Holdings (BVH) and PetroVietnam Finance (PVF) and steelmakers Hoa Phat Group (HPG) and Hoa Sen Goup (HSG).
None of the top 30 shares by market capitalisation and liquidity declined, lifting the VN30 by 1.95 per cent to stand at 532.11 points.
"Current valuations are low relative to earnings prospects," analysts of FPT Secrities Co wrote in a report yesterday, saying economic data was positive in the first month of this year, which raised hopes that corporate performance would improve.
However, according to analyst of Bao Viet Securities Co Tran Thi Hai Yen, supporting factors for the recent rally such as strong foreign buying and economic data are now weakening in comparison with the previous few weeks.
Trading was still modest yesterday, totalling almost 50 million shares worth VND683.66 billion (US$32.7 million). Tan Tao Investment Industry Corp (ITA) continued to lead the market with 3.3 million shares changing hands, rising 4.7 per cent to VND6,700 a share.
"Over the next few sessions, the market is likely to see some strong technical bounces but it will not be a decisive end to the correction period," Yen said.
On the Ha Noi Stock Exchange, the HNX-Index also gained 2.69 per cent to finish yesterday's session at 61.17 points.
More than 62 million shares, worth nearly VND430 billion ($20.6 million), were traded, with Sai Gon-Ha Noi Bank (SHB) and property developer Sacomreal (SCR) being the most active codes on the bourse.
Each share saw more than 10 million shares traded. While SHB jumped 4.7 per cent at VND6,700 a share, SCR hit its ceiling price of VND7,800.
Foreign investors concluded yesterday as net buyers on both exchanges, picking up combined shares worth VND74.7 billion ($3.6 million).
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