Monday, July 16 2018


Investor optimism extends rally

Update: March, 03/2012 - 08:25


Investors monitor the day's trading at ACB Securities. — VNS Photo Truong Vi
HA NOI — Stocks continued to soar on the nation's stock exchanges yesterday, with the combined value of trades reaching VND2 trillion (US$95.2 million).

On the HCM City Stock Exchange, the VN-Index rose by 2.72 per cent to close the session at 439.60 points.

Advancers overwhelmed decliners by 207-56, with over 90 codes rising by the daily limit of 5 per cent, including blue chips like Bao Viet Holdings (BVH), Masan Group (MSN), Ocean Group (OGC), PetroVietnam Finance (PVF), Vincom (VIC) and Saigon Securities Inc (SSI).

Of the shares tracked by the VN30 Index – which measures the 30 leading shares by capitalisation and liquidity – 28 closed higher, lifting the VN30 by another 2.55 per cent to 503.54 points.

The volume of trades was off by nearly 9 per cent from Thursday's pace, but continued moderately active at 81.7 million shares. The value of trades reached VND1.24 trillion ($59 million).

Military Bank (MBB) was again the most-active share on the HCM City bourse, with over 14 million units changing hands. MBB also rose to its ceiling price.

On the Ha Noi Stock Exchange, with over 60 per cent of codes posting gains, the HNX-Index jumped by another 3.08 per cent to end the session at 71.72 points. The value of trades rose by 20 per cent to nearly VND704.3 billion ($33.5 million), while volume increased 15 per cent to 73.8 million shares.

Ha Noi Investment General (SHN) surprised the market, becoming the most-active shares yesterday with over 8 million traded – dethroning Ha Noi Housing Bank (HBB), which had led trading for several sessions. Buy orders for over 9 million HBB shares were placed yesterday at the shares ceiling price, but order for only 2.3 million HBB shares were filled, resulting in the lowest volume for the share in the last 10 sessions.

Although most market forecasts made by securities analysts on Monday predicted that shares would fall sharply this week, both VN-Index and HNX-Index closed up in four out of five sessions.

Many brokers said short-term money flows had increased strongly in recent days as investors continued to be confident in a further uptrend.

The current market rally was supported by three cash flows, including foreign capital, investments by large investors angling to take advantage of expected takeovers or defending against takeovers, and hot money from individual investors, said Sai Gon-Ha Noi Investment Fund deputy director Nguyen Minh Duc.

"Investments of individual investors are named last but are the most powerful," Duc said. "They're always ready to participate when sensing opportunities."

Foreign investors, meanwhile, returned to being net buyers in HCM City yesterday, picking up shares worth a net of VND44.8 billion ($2.1 million), but they were net sellers in Ha Noi by a narrow net of VND3 billion ($143,000) worth of shares.

Beginning on Monday, trading hours will be extended to the afternoon. Trading on both stock exchanges will conclude at 2:15pm. — VNS

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