HA NOI — The VN-Index regained some lost ground in the final 30 minutes of trading yesterday on the HCM City Stock Exchange, closing up nearly 1.5 per cent to 446.36 points – and marking a fifth consecutive day of modest gains.
Earlier in yesterday's session, investors had become hesitant when the Index flirted with the resistance level of 440, but active trading at the end of session helped the Index push through.
By the end of the day's trades, advancers outnumbered decliners by 163-52.
The volume of trades rose to nearly 45 million shares, about a million higher than Friday's session, but the combined value of trades reached just VND895.5 billion (US$44.8 million), about VND105 billion lower than in the previous session.
Tran Hoa, director of analysis for the iTrade Corporation, attributed the rising Index over the past five days to bargain share prices and an assist from foreign investors.
"However, inflation and high interest rates are two major factors threatening the market, and it will not be easy for indices to establish a sustainable uptrend in the mid-term," Hoa said, predicting that investors would continue to wait for additional details on Government policies to stabilise the economy.
Shares in the construction materials and real estate sectors made the strongest showing, including developer Vincom (VIC), up 2.5 per cent; Hoa Phat Group (HPG), up 4.2 per cent; and Kinh Bac Urban Development (KBC), up 5 per cent.
PetroVietnam Finance (PVF) and Sai Gon Securities Inc (SSI) also each rose by nearly 5 per cent. Viet Nam Electricity (VNE) was the most-active share, however, with only 1.6 million traded.
Vien Dong Pharmaceutical (DVD) plunged to its floor price of VND46,900 per share following news that its chairman, Le Van Dung, had been detained by police for alleged manipulation of the company's share price. State Securities Commission chairmanVu Bang meanwhile vowed that regulators would co-ordinate with the police to clarify the extent of the alleged violation.
On the Ha Noi Stock Exchange yesterday, the HNX-Index rose by an even more impressive 3.59 per cent to close at 105.22. The volume trades outstripped the HCM City market, reaching 48.8 million shares, while advancers outnumbered decliners by 282-39.
Viet Nam Construction Import-Export Co (VCG), PetroVietnam Construction (PVX), Kim Long Securities Co (KLS), VNDirect Securities Co (VND), and Sai Gon Thuong Tin Real Estate Co (SCR) all rose to their ceiling prices.
PVX was the most-active share nationwide with 4.8 million traded. PVX closed up 1.3 per cent to VND21,000 per share.Source: vnagency.com.vn
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