phuocpham
16-09-2009, 03:14 PM
Profit-taking put the brakes on the advance of the shares on the HCM City Stock Exchange yesterday, with the VN-Index gaining a negligible 0.03 percent to end the day at 556.75.
Trading was heavy, however, with the value of the day’s transactions climbing to VND3.6 trillion (US$202.24 million), on a volume of 69.7 million shares. Foreign investors contributed 8 per cent to the total market volume, accounting for 5.6 million transactions.
Sacombank (STB) continued being the market leader with nearly 7 million shares.
On the Ha Noi Stock Exchange yesterday, the HNX-Index was also held to a modest rise of only 0.84 per cent, closing at 173.28.
Trades on the northern market reached a combined value of VND1.5 trillion ($84.3 million), with a volume of 41.6 million shares – with foreign investors accounting for about 1.4 million of those transactions.
Kim Long Securities Co (KLS) was the most active share in Ha Noi, with 5.2 million changing hands.
"Four straight upward sessions with a significant accumulation and the VN-Index passing the psychological mark of 550 have been enough for investors to start seeking to cash in," said Nguyen Hoang Hai, an analyst with a HCM City brokerage house. "The profit-taking comes at the right time as it will bring the market more sustainable growth, rather than psychological growth."
Any fluctuations would not be enough to derail overall gains over recent session, Hai said, noting continued buys yesterday in real estate and construction material shares, particularly in the closing minutes of the session.
Nguyen Van Cuong, an analyst with another HCM City-based securities firm, said that technical indicators were showing positive signs, suggesting a continued upward trend. He set 560 points as a resistance mark for the VN-Index this week, and 174 points for HNX-Index.
"Positive data from global markets, such as possible rises in US retail, or in UK housing prices – released yesterday – would encourage investors to continue injecting money into securities," Cuong said.
Trading was heavy, however, with the value of the day’s transactions climbing to VND3.6 trillion (US$202.24 million), on a volume of 69.7 million shares. Foreign investors contributed 8 per cent to the total market volume, accounting for 5.6 million transactions.
Sacombank (STB) continued being the market leader with nearly 7 million shares.
On the Ha Noi Stock Exchange yesterday, the HNX-Index was also held to a modest rise of only 0.84 per cent, closing at 173.28.
Trades on the northern market reached a combined value of VND1.5 trillion ($84.3 million), with a volume of 41.6 million shares – with foreign investors accounting for about 1.4 million of those transactions.
Kim Long Securities Co (KLS) was the most active share in Ha Noi, with 5.2 million changing hands.
"Four straight upward sessions with a significant accumulation and the VN-Index passing the psychological mark of 550 have been enough for investors to start seeking to cash in," said Nguyen Hoang Hai, an analyst with a HCM City brokerage house. "The profit-taking comes at the right time as it will bring the market more sustainable growth, rather than psychological growth."
Any fluctuations would not be enough to derail overall gains over recent session, Hai said, noting continued buys yesterday in real estate and construction material shares, particularly in the closing minutes of the session.
Nguyen Van Cuong, an analyst with another HCM City-based securities firm, said that technical indicators were showing positive signs, suggesting a continued upward trend. He set 560 points as a resistance mark for the VN-Index this week, and 174 points for HNX-Index.
"Positive data from global markets, such as possible rises in US retail, or in UK housing prices – released yesterday – would encourage investors to continue injecting money into securities," Cuong said.