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Shares gain in last trading rush

Update: June, 29/2012 - 09:10

HA NOI — The VN-Index managed to post a modest gain to reach 418.16 points after retreating for most of yesterday session.

Trading value on the HCM City Stock Exchange was just 5 per cent higher than the previous session, totalling VND776.5 billion (US$36.9 million) on a volume of 42.9 million shares.

However, major blue chips tracked by the VN30 tumbled, such as insurer Bao Viet Holdings (BVH), food processor Masan Group (MSN), property developer VinGroup (VIC), software producer FPT Corp (FPT) and Phu My Fertiliser. They lost from 0.6 to 3.1 per cent.

Large-cap bank and financial shares were among the total 98 gainers, including Eximbank (EIB), Vietcombank (VCB), PetroVietnam Finance (PVF) and Ocean Group (OGC).

The VN30 retreated 0.22 per cent overall to stand at 491.71 points.

Sacombank (STB) was the most active code on a total trade of 1.9 million shares, closing unchanged at VND7,500 ($0.36) a share.

On the Ha Noi Stock Exchange, the HNX-Index closed up 0.93 per cent to 71.36 points.

Trading, however, decreased around 7 per cent compared to Wednesday's session on a turnover of more than VND300 billion ($14.2 million) and 33.9 million shares.

PetroVietnam Construction (PVX), with 3.4 million shares changing hands, was the most active on the Ha Noi exchange. PVX rose 3.2 per cent to a close of VND9,700.

"The rally was a surprise to investors," said Bao Viet Securities Co analyst Nguyen Xuan Binh. However, he predicted it was just a technical correction during a chain of declining sessions.

The participation of new cash flows was quite limited, he added. "The market needs more supportive factors to create confidence among investors and attract more money."

Meanwhile, the market would have to struggle to retain the rally, as the pressure of selling shares at high prices would increase, especially around the HNX-Index's resistance level of 72 points.

Binh told investors to avoid bottom fishing.

Foreign investors continued to be sellers in HCM City, unloading a net of VND11 billion ($523,800), while they were buyers in Ha Noi by a margin of VND3.8 billion ($180,900). — VNS

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