HA NOI — Almost half of all codes posted gains yesterday on the nation's stock exchanges, extending winning streaks for the two benchmark indices.
|Investors watch trading boards at An Binh Securities. Many shares surged yesterday. — VNS Photo Truong Vi
Investors were cheered by news that the Ministry of Finance had approved a scheme for restructuring securities companies with the aim of reducing the number of brokerage houses and opening the financial market to foreign competition in accordance with Viet Nam's commitments to the World Trade Organisation (WTO).
On the HCM City Stock Exchange, the VN-Index closed out a winning week at 354.33 points, a gain of 1.79 per cent over the previous day's session. The value rose of trades rose 15 per cent to VND423 billion (US$20.1 million) even as volume slumped by about 10 per cent to just 22 million shares.
Impressive performances by blue chips continued to prop up the market, with insurer Bao Viet Holdings (BVH), Vietinbank (CTG) and food giant Masan Group (MSN) again soaring to their ceiling prices.
Sacombank (STB) was again the most-active share in HCM City with nearly 1.8 million traded, but the price of STB shares concluded the session unchanged.
Despite gains in the VN-Index all week, BIDV Securities Co analysts said signs of a sustainable rally remained unclear, particularly in the light of the humble trading volumes and values.
"Volatility in both market value and the index ... doesn't help identify an upcoming trend," they cautioned in a report, adding that "the market is still largely in a downtrend."
FPT Securities Co analysts also said investors remained cautious and most were sitting on the sidelines due to a lack of supporting information. With the latest statement by the Governor of the State Bank of Viet Nam that interest rates were not likely to be lowered in the first half of this year, the stock market was not expected to see a breakthrough anytime in the near future, they added.
On the Ha Noi Stock Exchange yesterday, the HNX-Index closed higher at 56.27 points, a gain of 0.82 per cent over Thursday's level. Volume rose by 20 per cent to over 20 million shares, worth about VND158 billion ($7.5 million). Advancers overwhelmed decliners by 125-75.
Kim Long Securities Co (KLS) and VNDirect Securities Co (VND) again saw the heaviest trades in Ha Noi, each with over 2 million shares traded. KLS closed up 5.2 per cent to VND8,100 per share, while VND finished 3.3 per cent higher at VND6,300.
Foreign investors continued to pick up shares on both markets, responsible for a combined net buy of over VND44.5 billion ($2.1 million) worth of shares. — VNS