Market rallies for sixth straight session
Investors watch stock prices at Kim Eng Securities Co. The VN-Index gained 7.25 points, or 1.58%, from the previous session to close at 466 on Monday- Photo: Le Toan
HCMC – The local market on Monday continued to climb sharply, having seen five rising sessions in a row before the long National Day holiday, as the VN-Index jumped 7.25 points, or 1.58%, from the previous session to close at 466.
Investors on the southern bourse increased their bids by 18.4% against the day earlier to around 111 million shares, while the amount on offer contracted by 6.12% to 71 million shares. Liquidity, however, improved strongly with 57.2 million shares worth VND1.6 trillion changing hands, both increasing by around 30% from the previous session.
The market started the day well into positive territory and hit a daily high of 469.25 towards the end of the second matching phase. It fell back somewhat during the last matching phase and finally closed below the high.
The number of gainers was nearly 10 times that of losers at 215 to 23, of which 112 stocks closed the day at the ceiling prices and three others plunged to the floor prices.
The most traded stock in terms of liquidity was Saigon Securities Inc. (SSI) that ended the day up 4.9% to VND29,900 with 3.17 million shares traded. Refrigeration Electrical Engineering Corp. (REE) was the second biggest traded issue, advancing 4% from the previous day to VND17,400 on the volume of 2.4 million shares.
Foreign participation turned strong again as the investors acquired 5.7 million shares worth VND195 billion and sold 3.5 million shares worth VND125 billion, accounting for 12.8% and 8.2% of the market’s buying and selling value respectively.
The Hanoi market rose further on Monday as well, but in lower turnover of VND880 billion. The HNX-Index added 5.14 points, or 3.9%, against the day earlier and closed at 136.8.
Up to 293 stocks advanced while 23 stocks declined, of which 115 stocks went to the ceiling prices while one stock dropped to the floor price.
Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets started this week well even after the long holiday and investor sentiment remained quite positive while good volumes had returned.
On Monday’s move was partly the result of decent performances on overseas markets over the last few days and partly some keen anticipation of good news on the domestic front over the next few days. However, stocks did drop off somewhat in the last phase on the southern bourse although sentiment on the Hanoi market stayed true until the end, he said.
“Our feeling is that any news should be good enough to take us some way higher than here over the next few weeks but then we note that both the 480 points and above that the 500-point levels on the VN-Index are formidable barriers. And then after this month is over, revisions or no revisions of the Decree 13 we still have a lot of potential supply still coming our way,” Mac Cana added.
The Saigon Times Daily
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