Shares jump despite slow trading

Friday, Apr 26, 2013 09:16


An investor conducts a transaction on the ACB Stock Trading Floor. Shares continued to rise yesterday on both stock exchanges. — VNS Photo Truong Vi



HA NOI (VNS) — Shares kept rising in the afternoon session on both stock exchanges, but trading continued to be sluggish which further eroded investor patience.

The benchmark VN-Index on the HCM City Stock Exchange climbed 0.78 per cent to finish yesterday's session at 476.59 points, while the VN30 (measuring the top 30 shares by market capitalisation and liquidity) jumped over 1 per cent to 537.23 points.

Advancers outnumbered decliners by 126-79.

Market volume increased 10 per cent from the previous session, totalling over 37 million shares, but the value of trades decreased 10 per cent to just VND564 billion (US$26.9 million).

"The market fluctuated in a narrow range but liquidity remained low," analyst of Bao Viet Securities Co commented, saying some stocks were supported by information about their annual shareholders' meetings or the first quarter results.

"However, in our view, this information is not new and its impacts on the market will not be large. During this short rally, technical factor will be a major factor to decide the trend of share prices," Yen wrote in a report.

She said some stocks which lost significantly in the recent declines such as Tan Tao Investment Industry (ITA), Kinh Bac City Development (KBC) or logistic Gemadept (GMD) were now bouncing strongly.

KBC advanced 3 per cent yesterday while ITA, the most active code on trades of over 2 million shares, rose 1.6 per cent.

On the Ha Noi Stock Exchange, the HNX-Index also rose 0.72 per cent to a close of 58.69 points but the total value of trades remained low at just VND194.4 billion ($9.3 million).

Sai Gon-Ha Noi Bank (SHB) was the most active code by the end of the session with more than 3.1 million shares changing hands, edging up 1.54 per cent at VND6,600 a share.

According to many analysts, earning prospects of listed companies and foreign trading movements will be the two major factors to decide cash flows of local investors.

Foreign investors increased their buys yesterday on both markets, picking up shares worth a combined VND39.7 billion ($1.9 million). — VNS

Comments (0)