Stocks soar on positive sentiment
HA NOI — The VN-Index hit an 11-month high yesterday at 472.87 points, an increase of 1.55 per cent over Tuesday's close, as investors increased buying on growing optimism over a coming uptrend.
Many analysts believe the market remains in the uptrend in the medium and long term, while declining sessions will offer good opportunities to pick up shares at bargain prices.
On the HCM City Stock Exchange yesterday, the trading volume was unchanged compared to Tuesday, totalling 88 million shares, worth nearly VND1.3 trillion (US$61.8 million).
Twenty-six of the 30 leading shares by market value and liquidity rallied, pushing the VN30 Index up 1.48 per cent to 542.78 points.
Shares of minerals and real estate companies were traded at the ceiling for most of the trading session thanks to high dividend rates paid on minerals shares and positive prospects for the real estate after the Government's loosening of credit for the sector.
On the Ha Noi Stock Exchange, the HNX-Index gained another 1.25 per cent to finish yesterday's session at 79.55.
The market volume increased 27 per cent over the previous session, reaching 85 million shares worth VND847 billion ($40.3 million), up 16 per cent over Tuesday's total value.
Habubank (HBB) continued to be the most active stock nationwide with 11.1 million shares changing hands, climbing 2.94 per cent to settle at VND7,000. The Ha Noi-based lender yesterday proposed a plan on merging with the Sai Gon-Ha Noi Bank (SHB), following which one HBB share can swap 0.75 per cent of a SHB share. It expects to create a stronger bank after the merger.
Pham Tien Dung, an analyst at Bao Viet Securities Co, attributed the increase of the indices yesterday to "limitations on supply". He said some blue chips had approached the recent peak which was set one week ago, likely leading to the selling pressure at high prices. — VNS