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Volumes soar on longer trading

Update: March, 06/2012 - 09:33

HA NOI — Heavy buys lit up the boards yesterday, as the nation's stock exchanges enjoyed their first day of extended trading. Benchmark indices were substantially higher when the closing bell rang at 2:15pm.

The VN-Index closed at 457.21 points, nearly 1 point down from the level at the lunch break, but a substantial 4-per-cent increase over last Friday's close. The VN30 Index also rose by 4.25 per cent to end the session at 524.94 points.

The value of trades on the HCM City Stock Exchange jumped 61.3 per cent to nearly VND2 trillion (US$95.2 million) on a volume of 103.3 million shares. Of the 294 listed codes, only 14 retreated and five remained unchanged.

"The indices have again reached a new peak, and trading volume has exceeded the average level for the past 10 days, strengthening the uptrend," said Kim Eng Securities Co analyst Nguyen Hoai Nam.

With 8.1 million shares changing hands, Eximbank (EIB) was the most-active share nationwide.

On the Ha Noi Stock Exchange, the HNX-Index soared by 5.7 per cent to 75.78 points, with over 350 listed shares posting gains despite an easing in trading volume from the previous session to just 40 million shares. The value of trades reached only VND479.3 billion ($22.8 million), a drop of 32 per cent from the previous session.

PetroVietnam Technical Services Co (PVS) led the Ha Noi bourse in terms of volume with over 2.8 million shares traded, followed by Asia Commercial Bank with a volume of around 2.2 million.

"Extended trading hours will surely increase effectiveness in the short term," said the head of the individual investor department at HCM City Securities Co Le Cong Thien.

With investors enjoying more time to place buy orders, market value might be enhanced, Thien said.

"For investors with long-term portfolios, this is a good opportunity to buy shares in businesses with stable operation, supporting data and high dividend rates," he added.

But the acting general director of Asia Securities Co Nguyen Quang Ty said that investor psychology hadn't yet changed all that much.

"The most important factor to boost the market is not adding more time but more cash," Ty said. — VNS

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