The strong rally in blue-chips yesterday lifted shares on the HCM City Stock Exchange, resulting in the VN-Index gaining 0.57 per cent to close the week's trades at nearly 494 points.
Overall market volume jumped to 45.68 million shares, worth a combined VND1.33 trillion (US$70 million) – an increase of 23 per cent in both volume and value over Thursday's levels. Advancers were triple decliners on brisk trading as blue-chip gains aroused trading in other stocks.
Of the top 10 largest-capitalised shares, six codes closed with gains, including Masan Group (MSN), which rose 1.96 per cent; Hoang Anh Gia Lai (HAG), 0.62 per cent; Vietcombank (VCB), 1.35 per cent; Vincom (VIC), 0.74 per cent; Vietinbank (CTG), 0.4 per cent; and Sai Gon Securities Inc (SSI), 0.31 per cent.
Four codes remained unchanged including Sacombank (STB), Vinamilk (VNM), Bao Viet Holdings (BVH) and Eximbank (EIB).
Heavy buys in Refrigeration Electrical Engineering Corporation (REE), the most active stock with 3.16 million shares changing hands, drove the price up 4.49 per cent to VND18,600 ($0.98).
The southern exchange yesterday welcomed a listing of 130 million Phat Dat Real Estate Development Corp (PDR) shares. PDR rose 10 per cent from the reference price to VND39,400 ($2.07) on a volume of 1 million shares.
On the Ha Noi Stock Exchange, the HNX-Index gained 0.22 per cent to close yesterday's session at 153.33. Market liquidity fell 23 per cent in volume and value. However, only 35.4 million shares changed hands, worth a total of VND989 billion ($52.1 million).
Gainers outnumbered losers by 189-74, while 59 shares remained unchanged. PetroVietnam Construction (PVX) continued as the most heavily traded stock nationwide, with 4.93 million shares changing hands. PVX climbed 3.85 per cent to close at VND27,000 ($1.42) per share.
The Ha Noi market yesterday welcomed Sam Cuong Material Electric and Telecom Corporation (SMT). SMT closed up 16 per cent from its opening price to VND17,400 ($0.92) on a volume of 31,100 shares traded.
The overnight slump on the US market did not affect investor confidence, said analysts at HCM City Securities Company.
Those analysts said the current market was attractive to medium – and long-term investors as many sound shares with good development prospects this year were being priced cheaply.
Vu Dinh Do, VNDirect Securities Co's Head of analysis, said there was no reason for a downtrend in the medium – and long-term. He said that if the market continued to decline, it could be a technical correction resulting from over-investment in penny stocks.
"The Vietnamese economy is developing stably and blue-chip prices are attractive. There will be no downturn risk in the medium term," Do said.
Foreign investors concluded yesterday as net sellers on both national exchanges. They were responsible for a combined net sale of 4.1 million shares, worth over VND25 billion ($1.3 million).