VN-Index registers fourth day of gains

[phuocpham]

The HCM City Stock Exchange saw its fourth consecutive day of increases On Wednesday Nov. 23rd, with the VN-Index picking up an additional 1.18 percent to close at 470.75.
The value of the day’s trades totalled over VND1.6 trillion (US$89.7 million) on a volume of 40.2 million shares, with gainers almost evenly split between decliners and 41 codes remaining unchanged.
Eximbank (EIB) was the most heavily traded share with over 3.5 million changing hands, accounting for over 10 percent of the total market volume.
Vincom (VIC) saw the highest increase on the day, picking up VND4,000 to close at VND101,000 per share, with more than 21,000 shares traded.
Dat Xanh Real Estate Service and Construction Company (DXG) and Vien Dong Pharmaceutical Joint Stock Company (DVD) both saw shares traded for the first day. DXG shares hit their opening-day ceiling price to close at VND50,000 per share, while DVD hit the floor, closing at VND71,000 per share.
On the Ha Noi Stock Exchange yesterday, the HNX-Index also rose by 2.51 percent to end the day 153.26 points.
Trading volume, however, slipped to about 22.7 million shares, worth a total of VND634.5 billion ($34.3 million). Advancers outnumbered decliners on the northern bourse by 168-58.
Kim Long Securities (KLS) was the most active share, with nearly 5.9 million traded.
Quach Manh Hao of Thang Long Securities Company said investors should expect another market adjustment in the next two days. The monetary market had heated up again over the past two days due to higher interbank rates, Hao noted, a signal that the prime interest rate would soon be increased to help commercial banks solve their liquidity problems.
According to Ban Viet Securities Company analysts, the market still lacked any strong supportive information to suggest an upward trend. Solid earnings by listed companies in the fourth quarter were not expected to have much impact on the stock market.
Central bank credit policy had also become a factor hindering market recovery, with many investors who were adverse to risk waiting on banks to resume loans for securities investment, they said.
Dai Viet Securities Company analysts noted that domestic and foreign investors remained net buyers over time. Global markets, meanwhile, did not seem to exert any heavy influence on domestic investor sentiment, they said.