|Investors monitor market movements at Maybank Kim Eng Stock Exchange in HCM City. Shares rose last week on both national stock exchanges thanks to net buying by foreign investors. — VNA/VNS Photo Hoang Hai
HA NOI (VNS)— Shares finished up last week on both national stock exchanges thanks to net buying by foreign investors, with speculative stocks proving particularly attractive.
On the HCM City Stock Exchange, the VN-Index edged up 1.27 per cent to reach 500.83 points while the HNX-Index on the Ha Noi Stock Exchange gained 1.47 per cent to close at 61.52 points.
The average value and volume of trades on the southern bourse reached VND878.64 billion (US$41.84 million) and 58.52 million shares, down slightly in comparison to the previous week.
In the capital, trading volume averaged VND203.51 billion ($9.69 million) on a volume of 20.06 million shares.
During the first session last week, both benchmark indices lost ground as liquidity declined.
However, stocks rallied after a strong flow of cash into the market focused on blue chips.
The main targets were large shares such as Vietcombank (VCB), Vinamilk (VNM), property developer Hoang Anh Gia Lai (HAG), Vingroup (VIC), Sacombank (STB), Bao Viet Insurance (BVH) and Viet Nam Gas (GAS).
These stocks enjoyed gains and high trading volumes last week, helping to boost the benchmark indices.
Foreign investors contributed greatly to the improvements of the market last week when they continued to be net-buyers. The demand was not very strong but stable during the week, according to analysts at Vietstock.vn.
Foreign investors were net buyers with a value of VND237 billion ($11.28 million) last week, focusing on logistics company Garmedebt Corporation (GMD) with VND32 billion, Vietcombank (VCB) with VND26 billion and Sai Gon – Ha Noi Bank (SHB) with VND40 billion.
Speculative stocks also thrived during the week.
According to FPT Securities, the rise in speculative securities showed that the market had regained its short-term recovery trend.
Purchasing decisions should prioritise stocks with promising growth during the last months of the year, said stock analysts of FPT securities.
Military Bank Securities also said this was a good opportunity to buy basically good stocks and hold on them from six to 12 months.
The recent Government's forecast about the consumer price index (CPI) was also good news for the market. CPI in December is expected to be 7 per cent higher than the same month last year, 1 per cent lower than the Government's goal of 8 per cent.
The US Government's deal to increase the debt ceiling and reopen to the Government late on Wednesday also helped boost Asian shares.
According to Bao Viet Securities, the VN-Index might exceed 505 points this week, heading towards 520 points, while the HXN-Index could reach 63 points. Speculative stocks would continue to gain in the short term, said Bao Viet Securities. — VNS