Blue chips buoy stock markets
The recovery of blue chips on June 5 afternoon helped sustain shares
on both exchanges, despite fluctuations in the morning as investors
showed caution following forecasts of corrections.
The recovery of blue chips on June 5 afternoon helped sustain shares
on both exchanges, despite fluctuations in the morning as investors
showed caution following forecasts of corrections.
The benchmark VN-Index on the HCM City Stock Exchange finished 0.77 percent up at 514.64 points while the VN30, tracking the top 30 shares by market capitalisation and liquidity, rose 0.41 percent to close at 577.28 points.
"Traders bought blue-chips across the board as declines for three consecutive days made valuations more attractive. With the strong support of cash flow, the market is unlikely to decline steeply," analysts of FPT Securities Co wrote in a report on June 5.
The biggest gainers included insurer Bao Viet Holdings with a rise of 3 percent, followed by PV Gas (GAS) with an increase of 2.5 percent, Southern Rubber Industry (CSM) with a gain of 2.3 percent and dairy giant Vinamilk (VNM) and Refrigeration Electrical Engineering (REE), which each rose 1.5 percent.
Trading volume and value declined from the previous session, however, totalling 56.3 million shares worth 923 billion VND (44 million USD), down 30 percent in volume and 35 percent in value.
PetroVietnam Transportation Corporation (PVT) and Tan Tao Investment Industry (ITA) were the most active stocks on the southern bourse.
Each saw over 3 million shares traded. PVT jumped 5.6 percent to finish at 5,700 VND a share while ITA rose 1.4 percent to 7,500 VND a share.
On the Ha Noi Stock Exchange, the HNX-Index was also up 1.18 percent to close at 64.54 points. The value of trades was down 40 percent from the previous day to barely 276 billion VND (13.1 million USD).
Sai Gon-Ha Noi Bank (SHB) reclaimed the position of the most active stock in the afternoon with 6.22 million shares exchanged, increasing 1.4 percent to 7,300 VND a share.
Analysts predicted that after the impact of "old" support information such as the formal establishment of the national asset management corporation and a stimulus package for the real estate sector started to cool down, the likelihood of increasing the percentage of foreign ownership in domestic companies under the World Trade Organisation (WTO) commitment would motivate a new uptrend.-VNA
The benchmark VN-Index on the HCM City Stock Exchange finished 0.77 percent up at 514.64 points while the VN30, tracking the top 30 shares by market capitalisation and liquidity, rose 0.41 percent to close at 577.28 points.
"Traders bought blue-chips across the board as declines for three consecutive days made valuations more attractive. With the strong support of cash flow, the market is unlikely to decline steeply," analysts of FPT Securities Co wrote in a report on June 5.
The biggest gainers included insurer Bao Viet Holdings with a rise of 3 percent, followed by PV Gas (GAS) with an increase of 2.5 percent, Southern Rubber Industry (CSM) with a gain of 2.3 percent and dairy giant Vinamilk (VNM) and Refrigeration Electrical Engineering (REE), which each rose 1.5 percent.
Trading volume and value declined from the previous session, however, totalling 56.3 million shares worth 923 billion VND (44 million USD), down 30 percent in volume and 35 percent in value.
PetroVietnam Transportation Corporation (PVT) and Tan Tao Investment Industry (ITA) were the most active stocks on the southern bourse.
Each saw over 3 million shares traded. PVT jumped 5.6 percent to finish at 5,700 VND a share while ITA rose 1.4 percent to 7,500 VND a share.
On the Ha Noi Stock Exchange, the HNX-Index was also up 1.18 percent to close at 64.54 points. The value of trades was down 40 percent from the previous day to barely 276 billion VND (13.1 million USD).
Sai Gon-Ha Noi Bank (SHB) reclaimed the position of the most active stock in the afternoon with 6.22 million shares exchanged, increasing 1.4 percent to 7,300 VND a share.
Analysts predicted that after the impact of "old" support information such as the formal establishment of the national asset management corporation and a stimulus package for the real estate sector started to cool down, the likelihood of increasing the percentage of foreign ownership in domestic companies under the World Trade Organisation (WTO) commitment would motivate a new uptrend.-VNA
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