Shares continue upward climb

Shares continue upward climb

Shares extended their rally during January 30's session, reaching six successive days of gains.

Source: VietstockFinance

On the HCM City Stock Exchange, the VN-Index finished 0.74 per cent higher to 487.60 points, while gainers outnumbered losers by 158-56.

However, trading value slightly decreased over the previous session's level to reach VND1.27 trillion (US$60.4 million) on a volume of 83.26 million shares.

Of the 30 leading shares tracked by the VN30 Index, eight codes tumbled while most of the others added value.

Notably, logistics company Gemadept (GMD), financial conglomerate Ocean Group (OGC) and Becamex Infrastructure Co (IJC) rose to their ceiling prices.

The overall index advanced by 0.55 per cent to 572.76 points.

On the Ha Noi Stock Exchange, the HNX-Index added 0.57 per cent to close at 63.35 points.

Market value reached just 86 per cent of Tuesday's figure, standing at VND563.5 billion ($26.8 million).

Meanwhile, blue chips in Ha Noi helped the HNX30 index gain 0.56 per cent on its way to 124.08 points.

Maybank Kim Eng Company's head of research and analysis Michael Kokalari estimated Vietnamese stocks had increased 15 per cent in January.

"Cash has been stronger in HCM City than Ha Noi and the VN-Index will increase faster in the short term," he said.

Meanwhile, FPT Securities Co analysts predicted the HNX-Index would struggle to breach 63.50 points today.

"Investors can buy shares at the current price level or wait until the next correction," Kokalari advocated.

He also suggested several stocks with healthy price charts and low price to earnings (PE) ratios in alluring sectors which attracted foreign investors.

These shares include steel maker Hoa Phat (HPG), Refrigeration Electrical Engineering (REE), Vinamilk (VNM), Phu My Fertiliser (DPM), Pha Lai Thermal Power (PPC), software company FPT (FPT) and Thu Duc House (TDH).

Foreign investors continued to be net buyers on both bourses, picking a combined margin worth VND269.7 billion ($12.8 million).

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