National stocks extend rally ahead of Tet

Saturday, Jan 25, 2014 11:16

Both stock exchanges see rally ahead for Tet. — Photo

HA NOI (Biz Hub)— Shares lengthened their winning streak on both stock exchanges yesterday, before the final session of the Lunar year on Monday.

Predictions for the final trading day focused on hesitations of investors. FPT Securities Co analysts wrote in a note: "The market will see a fight between the demand and supply of shares on Monday." However, the medium-term trend remained positive, they added.

"Indexes will hardly gain on Monday due to profit-taking, but medium- and long-term investors can safely hold shares," said VietDragon Securities Co's Ho Thi Thanh Huyen.

According to Vietnam Investment Securities, rising and falling in the market will be seen. The rotation of cash flows will turn to mid-cap stocks and some low price real estate shares, rather than blue chips, which have been strongly increasing, such as steelmaker Hoa Phat (HPG), Refrigeration Electric Engineering (REE), PetroVietnam Low Pressure Gas Distribution (PGD) and PetroVietnam Southern Gas (PGS).

Meanwhile, on the HCM City Stock Exchange, the VN-Index gained 1.2 per cent to reach 560.19 points.

Also, trading value increased 25 per cent over Thursday's level to reach VND1.5 trillion (US$71.4 million) on a volume of 88 million shares.

Blue chips represented by the VN30 Index were mixed, with 12 losers and 12 advancers. While Sacombank (STB) was the largest loser, seeing a 3.4 per cent slump, Saigon Securities Inc (SSI) became the top gainer with a 4.8 per cent rise.

The VN30 added 0.2 per cent to finish at 627.91 points.

Yesterday, the Bank for Investment and Development of Viet Nam (BID) made its debut, rising 0.5 per cent with more than 8.4 million shares exchanged.

On the Ha Noi Stock Exchange, the HNX-Index closed at 73.66 per cent, up 0.3 per cent from the previous session.

The HNX30 Index, composed of the bourse's 30 largest shares, put on 0.13 per cent to reach 144.09 points. Among a set of eight indexes, only one of the industrial sector lost 0.6 per cent.

Trading improved some 24 per cent, totalling VND336.6 billion ($16 million), with a volume of nearly 34.8 million shares.

Foreign investors continued to be net buyers by a combined margin of VND143.55 billion ($6.84 million).

The market reopens on February 6, after the Lunar Tet holiday. — VNS

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