Shares rise on blue chips' rally
Shares rise on blue chips' rally
On the HCM City Stock Exchange yesterday, the VN-Index added nearly 0.6 per cent to reach 488.93 points. The VN30, tracking the southern city's 30 leading shares by capitalisation and liquidity, also rose 0.47 per cent to 554.38 points.
Among blue chips, insurer Bao Viet Holdings (BVH) saw the highest growth of 5 per cent. Steelmaker Hoa Sen Group (HSG) followed, gaining 4.5 per cent – the company's fastest-ever increase. Meanwhile, Da Nang Rubber (DRC) advanced 4.2 per cent and private equity firm Masan (MSN) added 1.8 per cent.
Trading value yesterday declined 38 per cent over last Friday's session, reaching VND1 trillion (US$47.6 million) on a volume of almost 45.5 million shares. Around half of the value was from transactions through the negotiation method. Foreign investors negotiated trades of 6.7 million shares of property developer Vingroup (VIC) worth VND418.3 billion ($19.9 million).
Overall, they were net sellers on both stock exchanges by a combined margin of VND473.5 billion ($22.5 million). On the Ha Noi Stock Exchange, the HNX-Index also rose 0.3 per cent to 60.66 points. Gainers slightly outnumbered losers by 102-96.
Market value was low, standing at just VND220.9 billion ($10.5 million) as 28.6 million shares changed hands.
Trading on the 30 largest shares tracked by the HNX30, accounting for 83 per cent of the above value, lifted the index up 0.35 per cent to 114.53 points.
'Currently, 490 points is a strong resistance for the VN-Index as it failed to exceed the level five times' said BIDV Securities Co analyst Hoang Anh Tuan. Similarly, it was 61 points for the HNX-Index, he added. 'However, liquidity has been signalling that it may decline; investors should mind the risks' Tuan noted.
But ACB Securities Co analyst Le Nguyet Anh claimed that there was little possibility indices would plunge fast. 'Given the current low interest rates, shares with high dividend payment rate and stable operation will be attractive to investors in the medium term' she said.
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