Shares rose on Nov. 16 on both stock exchanges as investors hunted for bargain shares after a prolonged downturn.
With investors betting that share prices had reached rock bottom andwere poised to turn around, an analyst on the website of the FPTSecurities Company cautioned, "This belief needs to be tested in thecoming days as the cash flow seems quite weak."
Sharesoften climbed towards the end of each quarter as institutional investorsrestructured portfolios and attempted to drive up shares and make theirfinancial reports more impressive to their investors, the analyst said.
The HCM Stock Exchange on Nov. 16 snapped a string ofseven consecutive losing sessions, as the VN-Index closed at 390.89points, an increase of 0.78 percent over Nov. 15's level.
The value of trades decreased by 19 percent, however, totalling just 711billion VND (33.9 million USD) on a volume of about 33 million shares.
Advancers outnumbered decliners by about two-to-one, with eight of the10 leading shares by capitalisation posting gains. Real estate developerHoang Anh Gia Lai Co (HAG) shot up to its ceiling price of 23,100 VNDper share after 12 successive sessions of declines.
Sacombank (STB) was the most-active share, with 1.63 million traded, before closing up 2.9 percent to 14,300 VND per share.
On the Hanoi Stock Exchange, the HNX-Index rose for a second day,gaining over 1.7 percent to close at 64.14 points. Market value rose 16percent to 323.6 billion VND (15.4 million USD) as nearly 33.2 millionshares changed hands.
Gainers outnumbered losers by179-66, with major stocks increasing. VNDirect Securities (VND), themost-active code nationwide on Nov. 16 with a volume of nearly 4.4million shares, soared 4.2 percent, while Kim Long Securities Co (KLS)was up 3.1 percent and construction giant Vinaconex (VCG) rose 1.9percent.
While foreign investors were net sellers ofnearly 66 billion VND (3.1 million USD) worth of shares on the HCM Citymarket on Nov. 16, they finished the day as net buyers of nearly 9.3billion VND (441,800 USD) worth of shares on the Hanoi market.
Despite on Nov. 16's gains, most analysts expressed caution about themarket's recovery prospects, suggesting that on Nov. 16 could represent atechinical correction after a long losing streak. Bottom-feedingcontinued to remain a higly risky investment strategy, they said./.
With investors betting that share prices had reached rock bottom andwere poised to turn around, an analyst on the website of the FPTSecurities Company cautioned, "This belief needs to be tested in thecoming days as the cash flow seems quite weak."
Sharesoften climbed towards the end of each quarter as institutional investorsrestructured portfolios and attempted to drive up shares and make theirfinancial reports more impressive to their investors, the analyst said.
The HCM Stock Exchange on Nov. 16 snapped a string ofseven consecutive losing sessions, as the VN-Index closed at 390.89points, an increase of 0.78 percent over Nov. 15's level.
The value of trades decreased by 19 percent, however, totalling just 711billion VND (33.9 million USD) on a volume of about 33 million shares.
Advancers outnumbered decliners by about two-to-one, with eight of the10 leading shares by capitalisation posting gains. Real estate developerHoang Anh Gia Lai Co (HAG) shot up to its ceiling price of 23,100 VNDper share after 12 successive sessions of declines.
Sacombank (STB) was the most-active share, with 1.63 million traded, before closing up 2.9 percent to 14,300 VND per share.
On the Hanoi Stock Exchange, the HNX-Index rose for a second day,gaining over 1.7 percent to close at 64.14 points. Market value rose 16percent to 323.6 billion VND (15.4 million USD) as nearly 33.2 millionshares changed hands.
Gainers outnumbered losers by179-66, with major stocks increasing. VNDirect Securities (VND), themost-active code nationwide on Nov. 16 with a volume of nearly 4.4million shares, soared 4.2 percent, while Kim Long Securities Co (KLS)was up 3.1 percent and construction giant Vinaconex (VCG) rose 1.9percent.
While foreign investors were net sellers ofnearly 66 billion VND (3.1 million USD) worth of shares on the HCM Citymarket on Nov. 16, they finished the day as net buyers of nearly 9.3billion VND (441,800 USD) worth of shares on the Hanoi market.
Despite on Nov. 16's gains, most analysts expressed caution about themarket's recovery prospects, suggesting that on Nov. 16 could represent atechinical correction after a long losing streak. Bottom-feedingcontinued to remain a higly risky investment strategy, they said./.
