HCMC – The local market kept rising in the final session of January on Tuesday but at a modest pace given falling demand towards the end of the session. The VN-Index gained 3.03 points, or 0.79%, against the day earlier to close at 387.97.
Liquidity on the southern exchange sharply improved with 39 million shares worth VND509 billion traded, soaring 80% and 72% from the previous session respectively.
The market opened up and rose further to hit a high of over 390 points at the end of the second phase before falling back and then dropping nearly three points right at the close to end just into the black.
Gainers outnumbered losers by 149 to 79. Transactions focused on penny and mid-cap stocks, pushing many to their ceiling prices.
Eximbank (EIB) took the lead for liquidity, rising by 2% from the previous session to VND14,800 per share with 2.6 million shares changing hands, followed by Saigon Securities Inc. (SSI), which inched up 0.6% to VND15,100 on the volume of 1.7 million shares.
Foreigners again were active net buyers, acquiring 4.5 million shares worth VND116.9 billion and offloading 2.1 million shares worth VND42.1 billion. They accounted for 22.9% and 8.3% of the market’s buying and selling value respectively.
The Hanoi market hit new high since last December with turnover improving to VND322 billion. The HNX-Index jumped 1.25 points, or 2.11%, against the previous day to 60.59.
The number of rising stocks was four times bigger than that of falling ones at 202 to 55. Foreigners were net buyers, making up 3.8% and 1% of the market’s buying and selling value respectively.
Viet Dragon Securities Co. (VDS) said investor sentiment did improve due to positive news announced before the Lunar New Year holiday. Although the VN-Index only made a slight gain on Tuesday as profit-taking pressure strengthened in the final half of the session, liquidity rose to the highest level over the past month. This suggested that investors were confident at transactions with higher prices, it said.
Then the market is encouraged by the January CPI (consumer price index) release of 1% month-on-month growth, which shows that inflation is decelerating and monetary policies will not be tightened. Besides, the VN30 index will be applicable early next week, bringing about positive signs for long-term development of the market. Therefore, the equity market will be able to maintain its rally in short term, VDS added.
