Speculative buying boosts bourses
Speculative buying boosts bourses
Shares reversed Tuesday’s losses to gain value towards the end of Wednesday’s session.
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| Source: VietstockFinance |
While selling pressure remained high in the morning as the price level was pushed up and enterprises have recently reported declining profits, especially banks and real estate firms, the market was boosted by an infusion of cash into speculative stocks.
On the Ha Noi Stock Exchange, real estate trader Sacomreal (SCR) closed the day with a buy surplus of more than 200,000 shares at the ceiling price. Similarly, Song Da Infrastructure Construction (SDH), Ha Noi Investment General Corporation (SHN), coffee processor Thai Hoa (THV) and Hoa Binh Mineral (KHB) also reached the daily increase limit.
Key stocks on the exchange such as Kim Long Securities (KLS), PetroVietnam Construction (PVX) and VNDirect Securities (VND) rebounded remarkably and received large support from foreign investors.
Foreign capital has been shifting to the Northern exchange for several sessions. Continuing this trend, the benchmark HNX-Index advanced by 1.13 per cent to 67 points.
Market value and volume totalled VND700.16 billion (US$33.3 million) and 81.16 million shares respectively, declining more than 17 per cent from the previous session.
The HNX30, representing the Northern exchange’s top shares, put on 2.5 per cent to reach 135.03 points.
The VN-Index on the HCM City Stock Exchange added 0.83 per cent to reach 494.83 points.
The value of trades slid 19 per cent from Tuesday, reaching VND1.2 trillion ($57.1 million) as trading volume fetched 78.5 million shares.
Among blue chips, a number of shares retreated, including Military Bank (MBB), software developer FPT (FPT), Sacombank (STB), Da Nang Rubber (DRC) and Phu My Fertiliser (DPM).
The VN30 Index, which tracks the performance of HCM City’s 30 leading stocks, reached 572.38 points – a 0.38 per cent rise that could mainly be attributed to the gains of private equity company Masan Group (MSN), insurer Bao Viet (BVH), property developer Hoang Anh Gia Lai (HAG) and Vinamilk (VNM).
The Tet holiday is usually a favourable time for industries such as food and beverages, transportation, entertainment and accommodation. Therefore, shares of these industries might get more market attention.
In addition, as stock indices heat up, shares in the mining, real estate, construction, securities and banking sectors are often leading the rally.
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