Updated  
September, 08 2012 09:36:00

Investors nurse hopes for rally

 

Investors monitor trades at the offices of Kim Eng Securities Co in HCM City. Shares managed to rally on both national stock exchanges yesterday. — VNA/VNS Photo Hoang Hai
HA NOI — Shares managed to rally on both national stock exchanges yesterday, with the VN-Index on the HCM City Stock Exchange adding 1 per cent, or 4.1 points, to close at 397.51.

Decliners, however, outnumbered advancers by 106-94.

Market value slightly decreased over Thursday's session to VND510 billion (US$24.2 million) on a volume of nearly 33.5 million shares, around 45 per cent of which was trading on shares tracked by the VN30.

Ten of these 30 leading stocks retreated, with Kinh Do Confectionery Co (KDC) hitting its floor price. Meanwhile, 14 codes advanced and 6 others stayed unchanged from the previous session.

The VN30 rose 0.5 per cent to 465.90 points.

The index company FTSE announced review on its FTSE Viet Nam Index in September. Accordingly, food processor Bourbon Tay Ninh (SBT), steelmaker Hoa Sen Group (HSG) and PetroVietnam Low Pressure Gas Distribution Co (PGD) entered the list of shares tracked by the index.

Exclusions were KDC, Pha Lai Thermal Power (PPC), Gemadept Logistic (GMD) and Phu Nhuan Jewelry (PNJ).

Adding the two stocks of HSG and SBT to the FTSE Viet Nam Index seemed to have been predetermined as foreign investors placed strong buys on them during recent sessions.

On the Ha Noi Stock Exchange, the HNX-Index rebounded to 60.39 points – an increase of 0.12 per cent. Blue chips in Ha Noi also helped the HNX30 edge up 0.73 per cent to 112.94 points.

Trading remained sluggish. Only 25.4 million shares worth VND205.7 billion ($9.7 million) changed hands. "It's worrisome that liquidity on the Ha Noi Stock Exchange continues to decline despite relatively low share prices," noted PetroVietnam Securities Co analysts.

In addition, yesterday trading was quite bleak as money largely stayed outside the market, said Hoa Binh Securities Co analyst Nguyen Thi Huong.

"On a technical basis, the rally of the VN-Index has not yet crossed over the short-term average line," she said. "Meanwhile, the HNX-Index cannot now overcome the downtrend."

However, this increase would let investors expect a new rally cycle next week, Huong added.

"If so, investors can continue to hold and buy shares."

Foreign investors again concluded yesterday as buyers on both bourses, picking a combined margin of VND42.7 billion ($2 million). — VNS

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