Blue chips boost City shares
Blue chips boost City shares
Gains of blue chips continued to boost shares on the HCM City Stock Exchange February 28, with the VN-Index surging 1.9 per cent to close at 474.56 points.
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| Source: VietstockFiance |
Most of the top 30 shares on the bourse jumped, including insurer Bao Viet Holdings (BVH), property developer Kinh Bac City Development (KBC) and Tan Tao Investment Industry (ITA), which hit their ceiling prices.
ITA also led the market on total trades of 5.23 million shares, closing at the ceiling price of VND7,900 a share.
Other heavyweight shares such as Vietcombank (VCB), dairy giant Vinamilk (VNM), real estate VinGroup (VIC) and steelmaker Hoa Phat Group (HPG) also climbed on foreign buys, recording increases from 1-4.5 per cent.
The VN30 tracking these top 30 shares also rose 1.83 per cent to close at 545.68 points.
Total trading value on the southern bourse declined 26 per cent from the previous day, reaching just VND785.2 billion ($37.6 million) on a volume of 53.3 million shares.
“The market is continuing to fluctuate in the short term, showing that investors’ psychology has not really stabilised and a recovery can occur due to temporary decreased supply,” analysts of FPT Securities Co wrote in a report.
Analysts said demand was good at low prices, but still advised investors to be cautious and wait for a clearer signal of development, which was often accompanied by improved liquidity.
Meanwhile, the HNX-Index on the Ha Noi Stock Exchange closed in the red, falling to 62.56 points, off 0.08 per cent from the previous session.
More than 44 million shares, worth VND358.3 billion ($17.1 million), were traded yesterday.
Sai Gon-Ha Noi Bank (SHB) was still the most active code by the end of the session with over 7.8 million shares changing hands. SHB added 1.37 per cent to hit VND7,400 a share.
Foreign investors continued to unload shares on the HCM City market, responsible for a total net sell of VND81.67 billion ($3.9 million) worth of shares, but they turned into net buyers on the Ha Noi exchange, buying nearly VND5 billion ($239,200) worth of shares.
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