City blue chips lead surge as Ha Noi posts modest gains

City blue chips lead surge as Ha Noi posts modest gains

Shares on the HCM City Stock Exchange finished yesterday's session in the black, with the benchmark VN-Index adding more than 0.7 per cent to close at 509.10 points.

The VN30 Index, representing the performance of the southern exchange's top shares, also gained 0.6 per cent to finish at 566.30 points.

Among the 30 blue chips, gainers overwhelmed losers by 21-3. Top gainers were Becamex Infrastructure (IJC), up 5.6 per cent, Pha Lai Thermalpower (PPC) up 3.5 per cent, logistic company Gemadept (GMD) up 3 per cent and PetroVietnam General Services (PET) up 2.9 per cent.

The total value of transactions reached VND923.8 billion (US$21.1 million), increasing 13.6 per cent over last Friday's level on a volume of 68.7 million shares.

The VN-Index is facing the challenge of breaking through its resistance level of 515 points. Vo Dinh Khoi, analyst at ACB Securities Co, was confident in the success of the index, saying that in the medium term the HCM City market would prosper.

However, he remains more watchful about the HNX-Index, although it also posted gains yesterday.

On the Ha Noi Stock Exchange, the index rose 1.26 per cent, fetching 68.82 points on a turnover of over VND320.7 billion ($15.1 million) and improving 21 per cent, as 40.5 million shares changed hands.

Meanwhile, the HNX30 Index, tracking the 30 largest shares in terms of capitalisation and liquidity, retreated 0.53 per cent to end at 127.69 points.

Foreign investors were net sellers in Ha Noi by VND210 million ($9,900), but continued as buyers in HCM City, purchasing a net of VND25.7 billion ($1.2 million).

According to Bao Viet Securities Co's analyst Tran Hai Yen, due to the cautious seasonal buying during the Lunar year-end period, there would not be a surge in liquidity. "Investors should avoid buying too many shares," she urged.

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