Stock indices ran up another winning day on March 1, with banking stocks continuing to draw heavy investment despite warnings by many analysts that prices were becoming inflated.
Eight of nine listed banks gained value, with five soaring to their ceiling prices, including Eximbank (EIB), Hanoi Housing Bank (HBB), Sai Gon-Hanoi Bank (SHB), Asia Commercial Bank (ACB) and Nam Viet Bank (NVB). Only Sacombank (STB) declined after four consecutive sessions of ceiling prices.
With the sudden market rally in recent weeks, many shares have increased by a cumulative 15-20 percent in value, a situation which is destined to prompt investors to sell and lock in gains, said the managing director of individual investment for Kim Eng Vietnam Securities Co, Kim Thien Quang.
"Latecomers can therefore face risks when rushing to buy," Quang said, encouraging investors to buy on the basis of understanding companies. "This is how foreign investors are doing it."
On the HCM Stock Exchange, the VN-Index rose by over 1 percent to close at 427.95 points. Large-cap shares such as insurer Bao Viet Holdings (BVH), food processor Masan Group and Eximbank (EIB) all hit their ceiling prices, lifting VN30 Index – which tracks the performance of the 30 leading shares by capitalisation and liquidity – to 491 points, an increase of 1.2 percent over the previous session.
The value of trades slumped by 33.5 percent from Feb. 29's highs, however, totalling 1.53 trillion VND (72.9 million USD) on a volume of just over 89.5 million shares.
On the Hanoi Stock Exchange, the HNX-Index also rose by over 1.3 percent to close at 69.58 points. The value of trades reached nearly 587.4 billion VND (28 million USD), down 15 percent from Feb. 29, while volume declined 24 percent to 64.3 million shares.-VNA
Eight of nine listed banks gained value, with five soaring to their ceiling prices, including Eximbank (EIB), Hanoi Housing Bank (HBB), Sai Gon-Hanoi Bank (SHB), Asia Commercial Bank (ACB) and Nam Viet Bank (NVB). Only Sacombank (STB) declined after four consecutive sessions of ceiling prices.
With the sudden market rally in recent weeks, many shares have increased by a cumulative 15-20 percent in value, a situation which is destined to prompt investors to sell and lock in gains, said the managing director of individual investment for Kim Eng Vietnam Securities Co, Kim Thien Quang.
"Latecomers can therefore face risks when rushing to buy," Quang said, encouraging investors to buy on the basis of understanding companies. "This is how foreign investors are doing it."
On the HCM Stock Exchange, the VN-Index rose by over 1 percent to close at 427.95 points. Large-cap shares such as insurer Bao Viet Holdings (BVH), food processor Masan Group and Eximbank (EIB) all hit their ceiling prices, lifting VN30 Index – which tracks the performance of the 30 leading shares by capitalisation and liquidity – to 491 points, an increase of 1.2 percent over the previous session.
The value of trades slumped by 33.5 percent from Feb. 29's highs, however, totalling 1.53 trillion VND (72.9 million USD) on a volume of just over 89.5 million shares.
On the Hanoi Stock Exchange, the HNX-Index also rose by over 1.3 percent to close at 69.58 points. The value of trades reached nearly 587.4 billion VND (28 million USD), down 15 percent from Feb. 29, while volume declined 24 percent to 64.3 million shares.-VNA
