Business

HNX shares climb on HoSE hitch

Shares maintained their upward trend on January 23 on the Hanoi Stock Exchange as money shifted from the southern bourse to the northern one after the Ho Chi Minh Stock Exchange halted operations due to a technical crash a day earlier.
HNX shares climb on HoSE hitch ảnh 1Shares of oil and gas companies attracted heavy investment on the Hanoi Stock Exchange on January 23, 2018 (Source: VNA)

Hanoi (VNS/VNA) - Shares maintained their upward trendon January 23 on the Hanoi Stock Exchange as money shifted from the southernbourse to the northern one after the Ho Chi Minh Stock Exchange haltedoperations due to a technical crash a day earlier.

The southern stock exchange experienced a technical crashat 2.31pm on January 22, halting all trading activities.

The HNX Index on the Hanoi Stock Exchange gained 1.97 percent toend at 126.32 points. The northern market index rose 1.22 percent on January22.

Nearly 94.5 million shares were traded on the northern exchanges,worth 1.5 trillion VND (66.1 million USD), up 11.4 percent in volume and 12.7 percentin value compared with January 22’s figures.

The market breadth was positive with gaining stocks outnumberingthe declining ones by 129 to 83, while 170 other stocks ended flat.

Money was poured into large-cap stocks on the northern bourse.Among the best gainers were banks and oil and gas companies.

Asia Commercial Bank (ACB) and Sai Gon-Hanoi Bank (SHB) increasedaround 3 percent while big oil firms such as Southern Gas Trading Joint StockCompany (PGS), PetroVietnam Technical Services Corporation (PVS) and DrillingMud Joint Stock Corporation (PVC) rallied between 4 percent and 10 percent.

According to Bao Viet Securities Company, the positive sentimentwill likely be maintained after the HCM Stock Exchange resumes operation. Inaddition, the bright outlook for the earnings of many big enterprises isexpected to support the current rally in the next session.

Meanwhile, analysts on BIDV Securities have warned of probableprofit-taking pressure in the upcoming sessions.

“However, investors should not be nervous and can take advantageof the correction to increase stock exposure when the market is very optimisticand will likely surpass the old peak of 2017,” they wrote in a daily marketreview.

Vietnam Securities Depository Centre (VSD) confirmed allsettlements of securities transactions were still carried out in accordancewith regulations.

VSD said it received a document from the HCM Stock Exchangeannouncing the suspension of trading on January 23.

The State Securities Commission also announced that derivativetrading on the Hanoi Stock Exchange was taking place as normal. The watchdogauthority suggested the market participants actively cooperate with the HCMStock Exchange in the process of fixing the problem and providing sufficientinformation to investors.-VNA
VNA
#oil and gas companie #share #HNX #market index #large-cap stocks #PetroVietnam #Vietnamplus #Vietnam News #Vietnam News Agency
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