The VN-Index rose for a fourth consecutive session on Tuesday, with capital still pouring into large cap shares, although volumes on the HCM City Stock Exchange declined from the previous session.
The Index closed up 0.85 per cent to 535.72 points. The value of trades fell, however, to VND2.1 trillion (US$111.5 million), on a volume of 54.2 million shares.
Decliners outnumbered advancers by 99-90, while 39 shares remained unchanged. Vinamilk (VNM) and Song Da 5 (SC5) were among the top gainers, while Hoa Phat Group (HPG) was the most-active share, with over 2 million traded.
On the Ha Noi Stock Exchange, the HNX-Index regained lost ground toward the end of the session and managed to close the day largely unchanged at 176.05 points. Trading volume reached 41.4 million shares, worth a combined VND1.4 trillion, while foreign investors continued to be net buyers on the northern bourse of about VND27.3 billion ($1.4 million)
Capital was beginning to more frequently flow between the HCM City and Ha Noi exchanges, observed AVS Securities Company analysts. The dilution of many large-cap shares have caused them to lose investors' attention, even as many have fallen to apparently bargain prices, they added.
According to Hoa Binh Securities Company analyst Huy Duong, investors were cautious and concerned about the economic situation in April. Figures released by the General Statistics Office showed inflation tamed, but the trade deficit in April was estimated at $1.25 billion, a number that could affect policy decisions by the Government and central bank.
Global markets made a good start to the trading week, Duong said, and strong buys by foreign investors in recent sessions have increased the confidence of local investors.
Nevertheless, heavy profit-taking urges before the market takes a two-session holiday at the end of this week were holding the markets back from any more significant gains, he added, predicting the VN-Index this week would climb to as high as 540.