Shares gain on soaring buying power
Shares gain on soaring buying power
Transactions surged in yesterday afternoon's trading session, and benchmark indices posted strong gains.
The indices rose after a local newspaper reported that the regulation on increasing foreign stakes at listed companies will be passed this week.
On the HCM City Exchange, the VN-Index advanced 1.05 per cent to close at 576.58 points. About 119 million shares, with a trading value of almost VND1.97 billion (US$93.8 million), were traded.
The upward trend was steady in yesterday afternoon's trading session, as investors were eager to buy stocks. Investors' interest remained even though more than 400 million shares that were traded on the historic Thursday session will be transferred to investors' accounts today, creating selling pressure.
The buying power was strong yesterday despite the record high trading volumes and values last week, which signaled that the market may face losses in the next few trading sessions.
According to FPT Securities, information about the proposed VND100 trillion ($4.76 billion) support package for the property market and the possibility of the regulation of increasing foreign stakes from the current 49 per cent to 60 per cent being approved this week had powered the market yesterday, with gains at the end of the session, despite some losses in the morning trading session.
On the southern bourse, 174 codes added value, while 68 codes lost.
Becamex IJC (IJC) was among the most active stocks yesterday, rising 6.9 per cent to its ceiling price of VND14,000 ($0.67) per share, due to buying by foreign investors.
Hoa Sen Group (HSG) also jumped by 6.3 per cent to its ceiling price of VND52,500 ($2.5) per share.
As most of the blue chips posted gains yesterday, the VN30-Index rose 1.43 per cent to close at 648.49 points. Among the bourse's 30 largest stocks by capitalisation and liquidity, only two codes lost value.
Hoang Anh Gia Lai (HAG) led the southern bourse by liquidity, as 5.96 million of its shares were traded yesterday.
The market trend was similar on the Ha Noi Exchange as it was in HCM City. The HNX-Index closed the day at the highest level of 80.17 points, a rise of 0.83 per cent, while the HNXFF-Index, tracking stocks with a minimum free-float rate of 5 per cent, ended 0.66 per cent higher at 79.17 points.
The trading volume and value, however, were much lower than the previous trading sessions at 72.3 million and VND708 billion ($33.7 million), respectively.
With 14 million shares traded, PetroVietnam Construction Joint Stock Corporation (PVX) was the most active on the northern bourse.
According to the Viet Nam Investment Securities, the market will experience strong fluctuations in the next two weeks as investors will be cautious, with those holding cash having the upper hand, while information supporting the market remains controversial.
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