Shares advance for second day
Shares advance for second day
The benchmark VN-Index on the HCM Stock Exchange added 0.84 per cent to close at 716.6 points. The southern market index rose 0.4 per cent on Monday.
On the Ha Noi Stock Exchange, the HNX-Index edged up 0.4 per cent to end at 86.9 points, which lifted the two-day rally to 1.2 per cent.
Liquidity remained high with a total of 270.2 million shares worth a combined VND4.4 trillion (US$193 million) being traded in the two markets.
“Rising number of gaining stocks and high liquidity are positive signs that show the market has an opportunity to conquer a new height,” stock analysts at Vietnam Investment Securities Joint Stock Co (IVS) wrote in a market report.
The market breadth was optimistic as the rising stocks outnumbered the declining ones by 281-181 while 231 other stocks closed unchanged in the two markets.
Property stocks remained a market magnet with an average growth of 2.12 per cent yesterday.
Big stocks like Novaland Investment Group (NVL), Dat Xanh Real Estate Service & Construction (DXG), FLC Group (FLC) and Hoang Quan Consulting Trading Service Real Estate (HQC), VinGroup (VIC) and Ninh Van Bay Real Estate (NVT) all advanced between 1.5 per cent and 7 per cent.
Rubber and agricultural shares, such as Hoang Anh Gia Lai Co (HAG) and Hoang Anh Gia Lai Agricultural Investment JSC (HNG) continued their strong growth. HAG rose for an eighth consecutive session to VND8,200 a share, up 65.3 per cent from its bottom price of VND4,960 on January 18.
HNG inched up 0.4 per cent to settle at VND9,520 apiece, lifting its monthly rise to 52 per cent.
However, IVS analysts have warned of increased selling pressure when market indices advance.
“Cash flows will continue to move among different stocks. The stocks with strong growth in the past rallies will face high selling pressure while the declining stocks will see rebound opportunity,” they wrote in the report.
Foreign investors remained net buyers on the main bourse in HCM City, with a net value of VND190 billion, up 77 per cent over Monday’s value. However, they offloaded shares on the Ha Noi market for a small value of VND887 million.
