HA NOI — Shares on the HCM City Stock Exchange rallied yesterday, with the VN-Index closing up by about 3 per cent to 373.43 points, the best day for the Index in the past seven months.
"While many others think that the market will recover after the second quarter of this year, I believe now's the time," commented one investor, who said he decided to retain his portfolio instead of cashing out. "The three stocks that I'm investing in were down some days ago, but now there is a big change in my account."
Despite the gains, the value of trades yesterday declined slightly from the previous session to VND335.7 billion (US$16 million), although volume increased by 27 per cent to 23 million shares.
"The lower trading value was due to investor psychology as the market is about to close for a nine-day lunar new year holiday," said Kim Eng Securities Co analyst Nguyen Thanh Lam.
He expressed hopes that values would surge again after the holiday.
Blue chips performed well yesterday, with half of the 10 leading shares by capitalisation hitting their ceiling prices, including insurer Bao Viet Holdings (BVH), Vietinbank (CTG), real estate developers Hoang Anh Gia Lai (HAG) and Vincom (VIC), and Phu My Fertilisers (DPM). About 100 other stocks also reached their ceiling prices.
Lam recommended investments in DPM and HCM City Securities Co (HCM), which concluded yesterday's session up 3.5 per cent to VND14,900 per share.
Japan Viet Nam Medical Instrument Co (JVC) surprised the market by becoming the most-active share on the day, with 1.46 million changing hands.
Trading improved on the Ha Noi Stock Exchange, with value rising by nearly 27 per cent to VND162.3 billion ($7.7 million) on a volume of 22 million shares. The HNX-Index added 2.1 per cent to close at 58.41.
PetroVietnam Construction Co (PVX) was the most-active share nationwide with 1.76 million traded. — VNS