Business

Index sustains gains despite strong sells

Stocks managed to post gains on the HCM Stock Exchange by the end of on May 8's session as investors continued buying despite increased profit-taking selling pressure in the afternoon.
Stocks managed to post gains on the HCM Stock Exchange by the end of onMay 8's session as investors continued buying despite increasedprofit-taking selling pressure in the afternoon.

On theHCM City Stock Exchange, the VN-Index advanced to 491.52 points in themorning before sliding to 488.07, up just 0.36 percent over Monday'sclose.

Heavy profit-taking sales pushed the market volumeup 33 percent to nearly 133.2 million shares while the value of on May8's trades also jumped 23 percent to 2.22 trillion VND(105.7 millionUSD).

Blue chips were mixed. Thirteen of the 30 leadingshares by market value and liquidity rallied while 11 lost ground andsix closed unchanged. The VN30 Index increased 0.85 percent to close atover 557 points.

Banks sustained their rises in theafternoon with Military Bank (MBB) and Sacombank (STB) continuing to hitthe ceiling, while Eximbank (EIB) rose 2.7 percent to 18,800 VND (0.90USD) and Vietinbank (CTG) increased 1.8 percent to 22,500 VND (1.07USD). Vietcombank (VCB) jumped to 34,400 VND (1.64 USD), but slid to33,700 VND (1.60 USD) by the end of the session.

MilitaryBank (MBB), the fifth largest listed lender, continued to be the mostactive code on the southern bourse with 7.6 million shares changinghands, closing at the ceiling of 15,700 VND(0.75 USD).

Stock analysts said many investors decided to sell shares to take cashprofits as they expected a correction ahead of a 500-point thresholdfollowing several days of gains.

Meanwhile, stocks on theHanoi Stock Exchange fell for the first time in the last four days withthe HNX-Index declining from a one-year high to 83.64 points, a loss of0.18 percent over May 7's close, despite advancers outnumberingdecliners by 182-135.


Trading value grew 22 percent, totalling nearly 1.44 trillion VND (68.6 million USD) with 123.4 million shares exchanged.

While other leading shares such as VNDirect Securities (VND), Kim LongSecurities (KLS) and PetroVietnam Construction (PVX) declined, the riseof Habubank (HBB) helped support the market. HBB was the most activeshare with 10.23 million of its stocks traded, gaining another 1.52percent to settle at 6,700 VND.

BIDV Securitiesanalysts said both indices exceeded short-term peaks and resistancelevels at around 520 points for the VN-Index and 90 points for theHNX-Index.

"The stock market will continue to benefit fromthe support policy for enterprises. Therefore, investors should pursuethe buy and hold strategy during this period," they recommended via aresearch note on May 8's .

Foreign investors remainednet buyers on both exchanges , picking up a combined 77 billion VND (3.7million USD) worth of shares.-VNA
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