Markets gain despite falling liquidity
Markets gain despite falling liquidity
Shares rebounded yesterday although liquidity declined significantly.
On the HCM City Stock Exchange, the VN-Index added 0.12 per cent to 497.08 points, while gainers outnumbered losers by 139-82.
The total value of trades dropped around 33 per cent from Monday's level to VND909.8 billion (US$42.9 million), while trading volume reached more than 57.8 million shares.
The VN30, composed of the bourse's 30 leading shares, edged up 0.04 per cent to 556.15 points, buoyed by the rally of 19 blue chips. Insurer Bao Viet Holdings (BVH) rose 1.8 per cent, while logistic company Gemadept (GMD), Vinh Son – Song Hinh Hydropower (VSH) and PetroVietnam Transportation (PVT) advanced between 2-2.2 per cent.
On the Ha Noi Stock Exchange, the HNX-Index also increased 0.15 per cent, closing the session at 61.50 points.
Liquidity declined 30.5 per cent compared with the previous session, with only 20.6 million shares worth VND168 billion ($7.9 million) exchanged.
The HNX30, representing the performance of 30 largest stocks by capitalisation and liquidity, ended 0.47 per cent higher to 114.76 points.
Foreign investors concluded the day as net buyers, picking a combined margin of VND18.9 billion ($891,500).
They favoured shares with Tu Liem Urban Development (NTL), Becamex Infrastructure Development (IJC), Pha Lai Thermalpower (PPC) and steel group Hoa Phat (HPG).
Volatility was minimal during yesterday's session, said FPT Securities Co analysts. "Selling pressure arose at some trading minutes but was not strong enough to dip the market down."
However, trading on blue chips weakened, they added, and foreign investors narrowed their scale of buying, leading to cautious domestic trading.
"The market needs another correction to form a new price level for a future increase," they said. Therefore, investors were advised to invest in stocks which had not significantly increased.
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