HA NOI — Investors rushed to buy low-valued shares during yesterday afternoon's session, rescuing both stock indices from another losing day.
On the HCM City Stock Exchange, the VN-Index closed yesterday up 0.1 per cent at 465.65 points. Both market volume and value increased 33 per cent, totalling 88.3 million shares worth a combined VND1.36 trillion (US$64.5 million).
Gainers largely outnumered losers by 156-79 with 69 codes hitting the ceiling prices. Many fell in the morning but rose to the ceiling in the afternoon, most of which were real estate shares including Hoang Anh Gia Lai (HAG), Tu Liem Urban Development (NTL), Ba Ria - Vung Tau House Development (HDC), Development Investment Construction (DIG) and Investment and Trading of Real Estate (ITC).
Over half of the 30 leading shares in market value and liquidity gains pushed the VN30 Index up 0.24 per cent to 534.89 points.
SACOM Development and Investment Corp (SAM) was still the most active stock in the afternoon with 3.3 million shares traded, surging 4.71 per cent to VND8,900.
The sense of precaution shadowed the market in the morning session but the slight corrections in the past few days after hitting a nearly one-year high strengthened the belief that another upward trend was taking shape, analysts of FPT Securities Co wrote on the company's website yesterday.
The petrol price hike and low CPI did not affect the market much. Analysts said the most important issue now was money flow. If money was not withdrawn abruptly from the market, the uptrend would likely be sustained, but not massively in all stocks as before.
On the Ha Noi Stock Exchange, the HNX-Index earned another 0.98 per cent to close yesterday at 78.57 on a turnover of VND733 billion ($35 million), up 20 per cent from Monday's total value.
Advancers almost doubled decliners with PetroVietnam Construction (PVX), the most active stock with over 6 million shares exchanged, rising 1.75 per cent to close at VND11,600.
Foreign investors were net sellers on both exchanges yesterday, unloading a combined VND33.5 billion ($1.6 million) worth of shares. — VNS