Shares gain despite selling pressure
Shares gain despite selling pressure
Both benchmark markets in HCM City and Ha Noi extended their gains yesterday.
On the Ha Noi Stock Exchange, the HNX-Index ended at 64.90 points, a 0.11 per cent increase compared to Monday's session.
Trading value reached nearly VND256.7 billion (US$12.1 million), however declining 8.8 per cent over the previous day, on a volume of 34.7 million shares.
The rally of the HNX30, tracking the northern bourse's 30 leading shares, was lower at 0.01 per cent to 122.92 points.
On the HCM City Stock Exchange, the VN-Index advanced further by 0.53 per cent to 509.16 points.
The value of trades increased slightly compared to Monday's level, totaling VND1.36 billion ($64.1 million) on a volume of 93.5 million shares.
Blue chip companies helped lift the VN30 up 0.25 per cent to 568.85 points. Construction firm Becamex (IJC) hit its daily limit of a 7 per cent increase. Steelmaker Hoa Phat (HPG), Vinamilk (VNM), private equity group Masan (MSN) and PetroVietnam Drilling Services (PVD) all rose more than 2 per cent.
According to analysts, the day's trading was quite successful as demand remained stable despite a relatively large influx of sales.
Yesterday, 274 million securities were released into investors' accounts after last Thursday's purchase, this had been predicted to create a flood of re-sales.
VNM and MSN were the strongest support to the market, while some mid-cap stocks also performed well, such as textile firm Mirae (KMR), telecoms equipment producer Viet – Han Corp (VHG) and construction companies Idico - Petroleum Trading (PXL), Licogi 16 (LCG) and Vietnam Mechanization Electrification & Construction (MCG) reaching the ceiling prices.
Gold also enjoyed a rise after Monday's stumble. SJC gold was sold at around VND35.5 million ($1,690) per tael, posting a 0.77 per cent increase compared to Monday and higher than global price about 11 per cent.
Foreign investors narrowed their net buying value by 59.4 per cent to just VND28.4 billion ($1.33 million).
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