HCMC – The local market extended its rising streak to seven sessions in a row on Thursday given support of some large caps, with the VN-Index advancing 6.07 points, or 1.2%, from the session earlier to 511.98.
Market keeps moving up
By Phuong Thao - The Saigon Times Daily
HCMC – The local market extended its rising streak to seven sessions in a row on Thursday given support of some large caps, with the VN-Index advancing 6.07 points, or 1.2%, from the session earlier to 511.98.
On the Hochiminh Stock Exchange, both bids and offers ran down by over 5% from the previous session to 75.2 million shares and VND69.7 million shares respectively. Ending the day, the market’s total trading volume was 41.2 million shares worth VND1 trillion, down 3.7% and 6.8% against the day earlier respectively.
The market once again had a strong opening and quickly reached the daily high of 514.05 before falling back on profit taking. It then towards the end of the second matching phase began another more modest run where the VN-Index ended the day perched halfway between the open and the close.
Advancers were once again fewer than decliners in the falling session at 99 to 129, of which 17 stocks went to the ceiling prices and 12 others plunged to the floor prices.
Sacombank (STB) was the most liquid stock, closing up 0.6% from the previous day to VND15,700 per share with 1.5 million shares traded. Saigon Securities Inc. (SSI) was the second biggest traded stock but it was down 1% to VND29,600 on the volume of 1.4 million shares.
Foreign participation decreased but the investors remained on the buying side, acquiring 5.4 million shares worth VND188 billion and offloading 2.7 million shares worth VND100 billion, making up 18.1% and 9.6% of the market’s buying and selling value respectively.
The Hanoi market declined for the third straight day and turnover dropped to VND394 billion. The HNX-Index lost 0.25 point, or 0.23%, against the day earlier and ended the session at 107.02.
There were 137 stocks rising while 132 stocks closing down, of which eight stocks went to the ceiling prices nine stocks dropped to the floor prices. Foreigners were net buyers again and accounted for 3.1% and 1.4% of the market’s buying and selling value respectively.
Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets had another mixed day with the VN-Index gaining for the seventh consecutive day while the Hanoi index drifted lower. Volumes were a bit down on Wednesday’s levels while market breadth was largely the same.
“We are now in the key resistance zone but then again with a handful of foreign clients driving it higher it’s hard to read their short-term intentions. We keep our view that the broad market will start to pick up after Tet and we remain positive. KBC, DPM, PVD and PVF are our top blue-chip picks but also consider KLS to be attractive at current levels for those with a sense of adventure,” Mac Cana added.