Business

Stocks extend gains as blue chips rally

Stocks climbed for the second day on both exchanges on December 23, but growth slowed towards the end of the session due to fear of a bull-trap.
Stocks climbed for the second day on both exchanges on December 23, butgrowth slowed towards the end of the session due to fear of a bull-trap.

On the Hochiminh Stock Exchange, the benchmark VN-Index inched up just 0.06 percent to close at 537.88 points.

Bluechips were again the market momentum as many large-cap stocks gainedvalue, including Bao Viet Holdings (BVH), Masan Group (MSN), Sacombank(STB) and Vietcombank (VCB).

The VN30, which tracks the top 30 shares by market value and liquidity, rose 0.35 percent to end at 589.61 points.

Accordingto many analysts, investors were cautious as the government planned toannounce economic data forecasts within the next few days.

Themarket condition was negative with losers outnumbering gainers by123-80. Liquidity jumped, however, with over 110 million shares worth3.462 trillion VND (161.8 million USD) traded, up 10 percent in volumeand 50 percent in value compared with the previous day's levels.

FinancialOcean Group (OGC) concluded the session as the most active code ontrades of 10.6 million shares, but the share price declined 6.5 percentto end at 7,200 VND.

On the Hanoi Stock Exchange, the HNX-Indexclosed up 0.16 percent at 82.42 points on modest turnover of 418.4billion VND (19.6 million USD). Liquidity also improved as both marketvolume and value climbed 20 percent over the previous session, totaling50 million shares worth 685.3 billion VND (32 million USD).

KLFJoint Venture Global Investment Co (KLF) was again the mostheavily-traded stock with 11.3 million shares traded, but the priceplummeted 5.93 percent to 11,100 VND.

Foreign investors remainednet buyers in both markets, responsible for a combined net sell value of104 billion VND (4.9 million USD) worth of shares.-VNA
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