Benchmark markets gain despite selling pressure

Both benchmark markets in Ho Chi Minh City and Hanoi extended their gains on November 26.
Both benchmark markets in Ho Chi Minh City and Hanoi extended their gains on November 26.

On the Hanoi Stock Exchange, the HNX-Index ended at 64.90 points, a 0.11 percent increase compared to the November 25 session.

Trading value reached nearly 256.7 billion VND (12.1 million USD), however declining 8.8 percent over the previous day, on a volume of 34.7 million shares.

The rally of the HNX30, tracking the northern bourse's 30 leading shares, was lower at 0.01 percent to 122.92 points.

On the Ho Chi Minh City Stock Exchange, the VN-Index advanced further by 0.53 percent to 509.16 points.

The value of trades increased slightly compared to the November 25 level, totaling 1.36 billion VND (64.1 million USD) on a volume of 93.5 million shares.

Blue chip companies helped lift the VN30 up 0.25 percent to 568.85 points. Construction firm Becamex (IJC) hit its daily limit of a 7 percent increase.

Steelmaker Hoa Phat (HPG), Vinamilk (VNM), private equity group Masan (MSN) and PetroVietnam Drilling Services (PVD) all rose more than 2 percent.

According to analysts, the day's trading was quite successful as demand remained stable despite a relatively large influx of sales.

On November 26, 274 million securities were released into investors' accounts after last Thursday's purchase, this had been predicted to create a flood of re-sales.

VNM and MSN were the strongest support to the market, while some mid-cap stocks also performed well, such as textile firm Mirae (KMR), telecoms equipment producer Viet – Han Corp (VHG) and construction companies Idico - Petroleum Trading (PXL), Licogi 16 (LCG) and Vietnam Mechanization Electrification & Construction (MCG) reaching the ceiling prices.

Gold also enjoyed a rise after the November 25 stumble. SJC gold was sold at around 35.5 million VND (1,690 USD) per tael, posting a 0.77 percent increase compared to November 25 and higher than global price about 11 percent. Each tael equals 1.2 troy ounces.

Foreign investors narrowed their net buying value by 59.4 percent to just 28.4 billion VND (1.33 million USD).-VNA

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