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Shares make stable gains despite slow trading as holiday nears

Update: April, 26/2014 - 08:36
On the HCM City Stock Exchange, the VN-Index jumped 8.46 points, or as much as 1.48 per cent, to reach 578.92 points. — File Photo
HA NOI (VNS)— Yesterday, the market rallied with the benchmark indices on a stable upward trend, but trading remained sluggish as a five-day-long public holiday is approaching.

On the HCM City Stock Exchange, the VN-Index jumped 8.46 points, or as much as 1.48 per cent, to reach 578.92 points.

The trading remained slow-paced, although investors were willing to inject capital into the market, as over 64 million shares changed hands, worth VND1.28 trillion (US$60.9 million), roughly same as the two previous trading sessions.

The gains were mostly registered by PetroVietnam Gas Corporation (GAS) and large-cap stocks.

GAS rose 4.9 per cent to close the last trading session of the week at VND97,000 (US$4.6) per share.

More than two-thirds of the blue chips extended gains yesterday, with the VN30-Index, tracking the southern city's 30 largest stocks by capitalisation and liquidity, added 7.19 points, or 1.14 per cent to end the week at 636.35 points.

Technology FPT Group (FPT) advanced 3.1 per cent to VND67,500 or US$3.2 per share, Hoa Phat Group (HPG) were up 4.4 per cent to VND49,600 (US$2.3) per share, and Hoa Sen Group (HSG) also closed 4 per cent higher at VND51,500 (US$2.4) per share.

The shareholders' meetings of many big companies were held yesterday, such as Vinamilk, Masan Group, and PetroVietnam Drilling (PVD), announcing positive revenues and profits, which helped boost their stock prices yesterday.

Only four codes that posted losses yesterday were Vietinbank (CTG), Hoang Anh Gia Lai (HAG), PetroVietnam Transportation Corporation (PVT), and Pha Lai Thermo-electric Company (PPC), which dropped VND100 (US$0.0047) or VND200 (US$0.0098) per share each.

According to FPT Securities, the market was showing signs of approaching rock bottom, but some investors remained doubtful and cautious of a likely bull trap, while other investors remained hesitant to enter the market due to the approaching five-day-long public holiday. As a result, the capital inflow into the market remained at a low level.

Over all, on the southern bourse, 136 codes added values, while 78 codes declined.

Tan Tao Group (ITA) was the most heavily traded stock with 5 million shares changing hands.

On the Ha Noi Exchange, the HNX-Index closed 0.73 per cent higher at 80.58 points, while the HNXFF-Index added 0.79 per cent to end at 81.5 points.

The upward trend of the benchmark indices was slow but stable, although the trading volume and value slightly improved over the previous trading sessions.

More than 41.6 million shares were traded with a total value of VND425.7 billion (US$20.2 million).

There were 130 gainers and 71 losers on the northern bourse yesterday.

Tracking the performance of the capital city's top stocks by capitalisation and liquidity, the HNX30-Index ended 0.68 per cent higher at 162.08 points.

PetroVietnam Construction Joint Stock Corporation (PVX) continued to lead the bourse by trading value as about 6.8 million of its shares exchanged hands.

The foreign investors reduced the net buying volume yesterday, at 1.47 million shares, 21.89 per cent lower than the previous session, but the net value rose by 10.25 per cent to VND38.61 billion (US$1.38 million).

FPT Securities stated that investors should remain cautious and keep a close watch on the foreign investors' buying activities as the company has forecast that the VN-Index will continue to fluctuate when it approaches the 580-585 point band. — VNS

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