Foreign buys boost markets

HA NOI — Strong buys by foreign investors helped lift shares on the HCM City Stock Exchange yesterday, carrying the VN-Index to a close of 495.16 points, a gain of 1.21 per cent over the previous day's session.

Of the 10 leading shares by capitalisation, seven were gainers, including insurer Bao Viet Holdings (BVH), reaching its ceiling price for a second consecutive session; Masan Group (MSN), up 4.76 per cent; and software giant FPT, up 2.36 per cent.

Overall, gainers outnumbered decliners by 147-74. Market value continued to be modest at VND1.1 trillion (US$52.3 million) with over 43.8 million shares traded. Saigon Securities Inc (SSI) was the most-active share, with 2.6 million changing hands.

Foreign investors were strong contributors to the rally, said Ha Noi broker Phan The Ha, noting that foreign investors accounted for nearly 80 per cent of the total volume of BVH during the session, and nearly 94 per cent of the volume in MSN shares.

"Active buys by foreign investors helped the VN-Index rally and surpass the 495 mark at the close," said Ha, noting that it was enough to resist a wave of sell orders that began late in the session.

However, Ha predicted that increasing sell-off in the last minutes would likely spur a correction today, snapping four days of gains.

On the Ha Noi Stock Exchange, the HNX-Index closed at 109.02, a gain of 0.9 per cent over the previous day. The volume of trades increased by 32.8 per cent to 34.4 million shares, worth a combined VND618.1 billion ($29.4 million).

Nine out of the 10 leading shares by capitalisation advanced, including Tien Phong Plastics (NTP), up 2.3 per cent; Bao Viet Securities (BVS), up 4.6 per cent; and Kim Long Securities (KLS), up 5.4 per cent.

Source: vnagency.com.vn