Monday, December 5 2016

VietNamNews

Shares soar on cash injection

Update: June, 06/2015 - 10:10
The benchmark VN-Index on the HCM Stock Exchange climbed 1.6 per cent to close the session at 578.07 points. The market condition was positive as the number of advancers doubled the gainers, led by banks and blue chips. — Photo ndh

HA NOI (VNS)— Shares soared yesterday afternoon, driven by robust inflows on growing investor confidence.

The benchmark VN-Index on the HCM Stock Exchange climbed 1.6 per cent to close the session at 578.07 points. The market condition was positive as the number of advancers doubled the gainers, led by banks and blue chips.

BIDV (BID) was the biggest gainer, rising 5.83 per cent, while other lenders including Vietcombank (VCB), Vietinbank (CTG), Eximbank (EIB), Sacombank (STB) and Military Bank (MBB) climbed from 0.7-4.8 per cent.

Other large-cap shares like Saigon Securities Inc (SSI), Masan Group (MSN), Bao Viet Holdings (BVH) and FPT Corp (FPT) also made substantial gains.

The VN30 was up 0.81 per cent to end at 592.22 points. Liquidity continued to build with the market volume rising 30 per cent over Thursday to reach 147.7 million shares, while the value of trades also climbed around 20 per cent, totalling VND2.318 trillion (US$106.8 million).

"Cash flows remained positive although market momentum showed signs of weakening in the previous session. We think stock gains are less meaningful than the solidity of liquidity," analysts at BIDV Securities Co wrote.

Most analysts agreed investor confidence was strengthened by rising input, particularly strong rushes for hot stocks, and the market outlook is very optimistic. HCM City Infrastructure Investment Co (CII) continued to top the market with total trades of 14.2 million shares, soaring 6.82 per cent in value to end the session at VND23,500 ($1.08). Real estate giant FLC Group (FLC) came second with over 10 million shares traded, closing flat at VND9,000.

On the Ha Noi Stock Exchange, the HNX-Index also jumped 2.14 per cent to conclude the session at 86.71 points.

Money continued to focus on speculative stocks like Sai Gon Thuong Tin Real Estate Co (SCR) and KLF Joint Venture Global Investment Co (KLF), the two most active stocks here with 6 and 10 million shares traded each. A total of almost 70 million shares were exchanged, worth VND848.2 billion ($39.1 million), by the end of the session.

In contrast to domestic moves, foreign investors went on selling in the HCM City market, offloading shares worth VND101 billion ($4.7 million), but they kept buying on the Ha Noi exchange, picking up shares worth VND28 billion ($1.3 million). — VNS


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