Shares up on positive market outlook
Shares edged up slightly on the two stock exchanges on Febrary 7, along with a sharp increase in liquidity, driven by positive market outlook.
Investors trace market movements (Photo: tbck.vn)Hanoi (VNA) - Shares edged up slightly on the two stock exchanges on Febrary 7, along with a sharp increase in liquidity, driven by positive market outlook.
The VN-Index on the HCM Stock Exchange rose 0.3 percent to close at 701.9 points. On the Hanoi Stock Exchange, the HNX-Index also added 0.85 percent to end at 85.7 points.
Blue chips had mixed impact.
Some heavyweight stocks on the main bourse in HCM City such as dairy firm Vinamilk (VNM), real estate giant VinGroup (VIC), FPT Corp (FPT), Vietcombank (VCB) and Saigon Securities Inc (SSI) maintained upward trends.
“The money is rotating around big stocks and shifting to stocks of small and medium capitalisation, as well as moving from the banking sector to the oil and gas group, construction and agriculture,” analysts at BIDV Securities Co (BSC) wrote in a market report.
Among gainers, steelmaker Hoa Phat Group (HPG), Kinh Bac City Development (KBC), Hoang Anh Gia Lai Co (HAG) and its agriculture arm Hoang Anh Gia Lai Agricultural (HNG) advanced by between 1.1 and 2.4 percent each.
HPG rose 1.5 percent to 44,600 VND (1.97 USD) per share after the Dung Quat Economic Zone Authority and Quang Ngai Industrial Park Management Board on Monday granted it an investment certificate to build a 2.65 billion USD iron and steel production complex.
Overall market condition was negative, however, with 231 stocks declining, 204 rising and 269 closing unchanged.
Liquidity climbed with a total of 198.4 million shares worth a combined 3.76 trillion VND (166.4 million USD) being traded in the two markets, up 25 percent in volume and 30 percent in value compared to the levels of the day before.
According to BSC analysts, if high liquidity is maintained, the market index has a chance to rise to around 700 points, as well as creating momentum to conquer resistance at 710 in the next sessions.
Foreign investors remained net buyers in HCM City’s market but their net buy value decreased 68 percent from the previous session to just 670 million VND. Their purchases focused on blue chips such as Vinamilk, Saigon Securities Inc, Novaland Investment Group and Hoa Phat Group.
They turned to be net sellers on the Hanoi bourse for a value of 1.3 billion VND.-VNA
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