|Investors conduct transactions on SBC's stock trading floor in Ha Noi. — VNS Photo Truong Vi
HA NOI (VNS) — The benchmark VN-Index gained new momentum as blue chips continued to advance during yesterday's afternoon session.
On the HCM Stock Exchange, the VN-Index added 0.67 per cent to close the session at 634.46 points. The VN30, which tracks the top 30 shares by market value and liquidity, climbed 1.17 per cent to end at 665.66 points.
According to several analysts, the market will likely see several short-term rallies before advancing into a long-term uptrend, and will be led by several groups of stocks.
Previous rallies were propped up by oil and gas shares, recent growth had banks, securities brokers and insurers to thank.
Many large-cap shares, not only from the VN30, including software giant FPT Corp (FPT), steelmaker Hoa Phat Group (HPG), confectionery Kinh Do Corp (KDC), Refrigeration Electrical Engineering Corp (REE) and logistics Gemadept (GMD) supported the market. They all increased 2-3 per cent each.
Traders expect HPG's growth will continue in the coming sessions after the corporation adjusted its profit target upwards for 2015 yesterday. HPG added another VND1 trillion (US$45.9 million) to its original goal of VND3.2 trillion ($146.8 million) and raised its dividend rate from 20 to 30 per cent.
Banks and securities companies maintained their up trend, especially Saigon Securities Inc (SSI) and HCM Securities Co (HCM), which climbed over 4 per cent and 3.7 per cent, respectively.
SSI was the most active in HCM City yesterday with 8.2 million shares traded, settling at VND28,300 ($1.30) a share.
Sacombank (STB), Vietcombank (VCB), BIDV (BID) and Vietinbank (CTG) also closed in the green.
Overall liquidity improved as the market volume was up 10 per cent over the previous session, totaling 124 million shares. Trade value grew 20 per cent overall to reach VND2.55 trillion ($117 million).
On the Ha Noi Stock Exchange, the HNX-Index edged up 0.21 per cent to finish yesterday at 86.50 points.
The market condition was neutral with 93 stocks rising, 94 declining and 174 closing flat.
Almost 48 million shares worth VND661 billion ($30.3 million) were exchanged by the end of the session. It was a 10 per cent rise in volume and 20 per cent rise in value over Friday.
Sai Gon Thuong Tin Real Estate Co (SCR) continued as the most heavily-traded stock with 3.4 million shares traded yesterday, ending unchanged at VND8,800 a share.
Foreign investors were net sellers in HCM City yesterday, responsible for a net sell value of nearly VND32 billion ($1.5 million). They were, however, net buyers in Ha Noi's market, picking up combined shares worth VND27 billion ($1.2 million). — VNS