Almost all shares in the construction and real estate development sectors hit their ceiling prices on the HCM Stock Exchange on August 12, lifting the VN-Index to within striking distance of the psychologically-important 500-mark, but acclerated profitaking put the brakes on the upward trend.
The Index edged up 0.61 percent on August 12 to close at 497.16, on a day of mixed but active trading.
The value of the day’s trades reached 2.2 trillion VND (123.6 million USD), with the volume on the southern market rising by 17 percent over August 11’s figure to 56.8 million shares.
On the Hanoi Stock Exchange, the HNX-Index also inched up just 0.24 percent to end the day at 156.38, although trading volume improved to nearly 28 million shares, worth a total of 915.8 billion VND (51.4 million USD). Mining and building material stocks proved of particular interest to investors on the northern exchange.
But it was banking shares that continued to lead overall activity on both markets on August 12. Sacombank (STB) generated orders for 5.4 million shares, representing 8 percent of the volume on the southern bourse, while Sai Gon-Hanoi Bank (SHB) and Asia Commercial Bank (ACB) generated orders for a combined 4.7 million shares, or 17 percent of the volume on the northern exchange.
FPT Securities Co analysts said in their daily report that economic conditions, satisfactory corporate results and what they called “flexibly-adjusted” monetary policies were supporting the VN-Index, predicting it would reach 520 in the short term.
Market developments in recent trading days included moves in some minor sectors like snack food products, publishing and educational equipment, seafood and marine transport, said Vicom Securities Co deputy general director Phan Anh Tuan.
“These areas increased far more sharply than the average level of gains on the market and brought significant profits to short-term investors,” Tuan said.
Gains in educational equipment and snack products were seasonal moves, as a new school year and the mid-autumn festival were both coming soon, he noted.
But FPT Securities analysts warned such seasonal moves signalled risky investments without “basic supporting factors.”
They said the market needed a longer period of accumulated gains in major shares before it would reach new highs.
While the VN-Index had gained around 80 points during the past three weeks, shares that guide the market had been moving within narrow bands and had not yet seen any breakthroughs, agreed Tuan.
At the same time, however, major shares were solid at their new price levels, helping create conditions for firmer market recovery.
In HCM City on August 12, foreign investors finished the day as net sellers of 490,100 shares, with a net value of 12.9 billion VND (724,700 USD), and an overall volume of 5.4 million shares. But in Hanoi , foreigners became net buyers of 136,100 shares, worth a total of 10.3 billion VND (578,600 USD) on an overall volume of 946,700 shares./.
The Index edged up 0.61 percent on August 12 to close at 497.16, on a day of mixed but active trading.
The value of the day’s trades reached 2.2 trillion VND (123.6 million USD), with the volume on the southern market rising by 17 percent over August 11’s figure to 56.8 million shares.
On the Hanoi Stock Exchange, the HNX-Index also inched up just 0.24 percent to end the day at 156.38, although trading volume improved to nearly 28 million shares, worth a total of 915.8 billion VND (51.4 million USD). Mining and building material stocks proved of particular interest to investors on the northern exchange.
But it was banking shares that continued to lead overall activity on both markets on August 12. Sacombank (STB) generated orders for 5.4 million shares, representing 8 percent of the volume on the southern bourse, while Sai Gon-Hanoi Bank (SHB) and Asia Commercial Bank (ACB) generated orders for a combined 4.7 million shares, or 17 percent of the volume on the northern exchange.
FPT Securities Co analysts said in their daily report that economic conditions, satisfactory corporate results and what they called “flexibly-adjusted” monetary policies were supporting the VN-Index, predicting it would reach 520 in the short term.
Market developments in recent trading days included moves in some minor sectors like snack food products, publishing and educational equipment, seafood and marine transport, said Vicom Securities Co deputy general director Phan Anh Tuan.
“These areas increased far more sharply than the average level of gains on the market and brought significant profits to short-term investors,” Tuan said.
Gains in educational equipment and snack products were seasonal moves, as a new school year and the mid-autumn festival were both coming soon, he noted.
But FPT Securities analysts warned such seasonal moves signalled risky investments without “basic supporting factors.”
They said the market needed a longer period of accumulated gains in major shares before it would reach new highs.
While the VN-Index had gained around 80 points during the past three weeks, shares that guide the market had been moving within narrow bands and had not yet seen any breakthroughs, agreed Tuan.
At the same time, however, major shares were solid at their new price levels, helping create conditions for firmer market recovery.
In HCM City on August 12, foreign investors finished the day as net sellers of 490,100 shares, with a net value of 12.9 billion VND (724,700 USD), and an overall volume of 5.4 million shares. But in Hanoi , foreigners became net buyers of 136,100 shares, worth a total of 10.3 billion VND (578,600 USD) on an overall volume of 946,700 shares./.
