HA NOI — Positive entiment caused investors to pump money into the stock market pushing 300 shares to their ceilings in both HCM City and Ha Noi yesterday.
The VN Index continued its rise, up 1.51 per cent to close at 464.35 yesterday.
The trading volume was 71.9 million shares valued at VND1.55 trillion (US$77.5 million).
"The 460-466 mark offered strong resistance during the past four months and a mid-term uptrend is likely if the VN-index surpasses it because trading volumes have increased strongly against last month's average," said FPT Securities Co analyst Nguyen Minh Quan.
Volume ranged from 45-70 million shares during the past four days against about 30-35 million last month.
Among the 233 advancers, securities, property and rubber shares were hottest.
They included Sai Gon Securities Incorporate (SSI), HCM City Securities (HCM), Tan Tao Industrial Zone (ITA), Investment Construction (DIC), Kinh Bac Urban Development (KBC), Da Nang Rubber (DRC) and Sao Vang Rubber (SRC).
In Ha Noi, the HN-Index volume climbed to 61.6 million and a total value of VND1.18 trillion.
The index rose strongly by 4.2 per cent to close at 116.6. Securities and property shares were the hottest.
Nguyen Quang Minh, a research analyst for vietstock.vn, said investors seemed to have remembered the lesson of 2008 that when interest rates increased sharply the stock market fell to the bottom.
The market's gain reflected the activities of bottom catchers. When the stock market dropped strongly, foreign investors bought shares to bail out the market, partly helping stabilise the sentiments of domestic investors, he said.Source: vnagency.com.vn
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