Investors at Bao Viet Securities Co’s trading floor (Photo: VNA)
 
Hanoi (VNA) – Shares extended gains on October 11 on the HCM Stock Exchange with the benchmark VN-Index rising 0.41 percent to close at 813.95 points, expanding its three-day rally to 0.76 percent.

Seventeen of the top 30 largest shares by market value and liquidity on the southern bourse gained while 11 declined.

Real estate giant VinGroup (VIC) was the biggest gainer with growth of 5.2 percent. Lender BIDV (BID), PV Gas (GAS), PetroVietnam Drilling and Well Services Corp (PVD), IT group FPT (FPT), Saigon Securities Inc (SSI), insurer Bao Viet Holdings (BVH) and brewer Sabeco (SAB) rose between 0.5-1.6 percent.

“The rally today was mostly attributable to the positive movement of large-cap stocks amid high selling pressure in the market with a wide divergence amongst groups of stocks,” Bao Viet Securities Co’s analyst Tran Duc Anh wrote in a October 11 report.

Bank stocks diverged widely, with BIDV (BID), Eximbank (EIB) and VPBank (VPB) advancing while Sacombank (STB), Vietinbank (CTG), Vietcombank (VCB) and Military Bank (MBB) declined.

Notably, Sacombank dropped by 6.4 percent following the surprise news that the bank is seeking shareholders’ approval to transfer its listing to the Hanoi Stock Exchange under the new code SCM.

Overall market conditions were negative with decliners outnumbering advancers by 155-116 and 72 stocks flat.

According to Saigon-Hanoi Securities Co (SHS), third-quarter earnings results of listed companies are gradually being released, supporting the market.

However, negative factors including prolonged net selling by foreign traders and modest liquidity have shown that investors remain wary.

Analysts predicted the VN-Index will likely head to the next target of 815 points on wide divergence.

On the Hanoi Stock Exchange, the HNX-Index inched up 0.08 percent to end October 11 at 108.65 points. The northern market index fell 0.16 percent on October 10.

Liquidity rose on October 11 with 228.5 million shares worth a combined 4.4 trillion VND (194.2 million USD) traded in the two markets, up 24.7 percent in volume and 19 percent in value compared to the previous day.

Foreign investors were net sellers for a third straight day with total net sell value of 557.4 billion VND.-VNA