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VietNamNews

Blue chips lead rise in shares

Update: February, 02/2013 - 08:58

 

Investors watch a trading session at Hoang Gia Securities Co's bourse in Ha Noi. The VN-Index added 0.76 per cent to reach 483.42 points yesterday. FPT Securities Co analysts said the support level of 470 points on the VN-Index worked quite well in helping the market recover. Unlike the VN-Index, the HNX-Index on the Ha Noi Stock Exchange struggled to surpass its recent peak in mid January. — VNA/VNS Photo Tuan Anh
HA NOI (VNS)–
National stocks rebounded yesterday after slipping slightly in the previous session.

On the HCM City Stock Exchange, the VN-Index added 0.76 per cent to reach 483.42 points.

Trading improved marginally compared to the previous day, with 76.8 million shares changing hands with a market value of VND1.19 trillion (US$56.6 million).

Blue chips led the rebound, with half of the 30 stocks tracked by the VN30 advancing. The two leading large-caps were insurer Bao Viet Holdings (BVH) and Gemadept Logistic (GMD), which hit their ceiling prices.

The VN30 finally edged up 0.37 per cent to 566.09 points.

FPT Securities Co analysts said the support level of 470 points on the VN-Index worked quite well in helping the market recover.

"However, the HCM City market will need another positive session on Monday to show the correction has ended," they said.

Unlike the VN-Index, the HNX-Index on the Ha Noi Stock Exchange struggled to surpass its recent peak in mid January.

The index rose nearly 0.6 per cent yesterday to 62.99 points after tumbling for most of the session.

Over 100 listed codes rallied to close the session in the black.

However, trading value fell 23.9 per cent over Thursday's level to VND403 billion ($19.1 million) on trading volume of 51.2 million shares.

Investor sentiment was cautious despite the application of the new 50 per cent margin. In addition, selling pressure was quite strong.

Foreign investors remained net buyers, but value fell to VND109.8 billion ($5.2 million), much lower than the previous session.

However, FPT Securities Co analysts repeated that the short-term momentum of the market was not completely broken as foreign demand still supported blue-chips.

"Market liquidity shows that cash flow has been maintained and are still looking for opportunities in certain stocks," they added.

"The new margin rate will also create more favourable conditions for investors looking to buy during the correction period." With the seasonal Tet holiday approaching, shares are unlikely to make significant gains. — VNS

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