Shares jump ahead of holiday

Saturday, Aug 30, 2014 11:30

Stock transactions at Hoang Gia Securities Company in Ha Noi. Trading value remained high at VND1 trillion on the Ha Noi Stock Exchange yesterday. — VNS Photo Truong Vi
HA NOI (Biz Hub)— Contrary to the usual practice, the domestic stock market continued to increase before the upcoming four-day holiday.

At the HCM City Stock Exchange, the VN-Index added another 0.73 per cent to close at 636.65 points. Trading value jumped 31.4 per cent over Thursday's session to VND3.8 trillion (US$179.2 million) with a volume of around 189.9 million shares.

The VN30 Index, made up of the exchange's top shares in terms of liquidity and capitalisation, put on 1.17 per cent to rise to 676.82 points, thanks to the gains of 15 blue chips, including top advancers Kinh Do Confectionery (KDC), private equity group Masan (MSN) and property developer Vingroup (VIC).

A Vingroup subsidiary has announced it had acquired 99 per cent of Hong Ngan Real Estate, meaning Vingroup would now possess a number of large projects. Around 15 million VIC shares valued at VND847 billion ($39.9 million) changed hands yesterday through negotiations.

The shares of a number of mineral companies hit the daily increase limit yesterday, including Binh Thuan Mineral Industry (KSA), Bac Giang Minerals (BGM), Lao Cai Mineral Exploitation and Processing (LCM) and Nari Hamico (KSS), as well as Tay Bac Minerals (KTB) and Hoa Binh Mineral (KHB).

Mineral stocks have grown more than 14 per cent in the past month and are expected to maintain their momentum.

According to FPT Securities Company analysts, the HCM City market is targeting 650 to 660 points. However, investors could consider selling if the VN-Index continued to increase on the next trading day.

At the Ha Noi Stock Exchange, the HNX-Index also rose 0.3 per cent to 87.04 points. "The index is now approaching a risky zone for trading," said analysts.

Trading value declined compared with that of the previous session but remained high at VND1 trillion ($47.1 million), as the total volume of shares changing hands reached 82.8 million shares.

Large-cap stocks in Ha Noi performed well, lifting the HNX30 Index up 0.3 per cent to 179.56 points. Foreign investors shifted to net buyers by a net value of VND908 billion ($42.8 million).

The market will be closed until Wednesday because of the national holiday. — VNS

Comments (0)