Gains of blue chips support share rises (24/1/13)

[xiuchic]

Gains of blue chips helped sustain a market rise on the HCM City Stock Exchange this morning with the VN-Index climbing another 1.54 per cent to 450.19 points.

Leading shares, including insurer Bao Viet Holdings (BVH), food processor Masan Group (MSN), property developer Hoang Anh Gia Lai (HAG) and Hoa Phat Group (HPG) all rose from 1-5.6 per cent.

The VN30 tracking the top 30 shares was also up 1.54 per cent to stand at 529.94 points.

The trading was sluggish, however, totalling only 28.4 million shares, worth almost VND367.5 billion (US$17.6 million).

Tan Tao Industry Investment (ITA) continued to lead the market with 1.5 million shares changing hands, at a value of VND6,500.

On the Ha Noi Stock Exchange, the HNX-Index also gained 1.07 per cent to finish this morning's session at 60.21 points.

Neary 30.8 million shares, worth VND203.5 billion ($9.7 million), were traded by the end of this morning.

Sai Gon-Ha Noi Bank (SHB) and property developer Sacomreal (SCR) were the most active codes on the northern boures as each saw around 4.6 million shares traded. While SCR jumped over 7 per cent at VND7,600 a share, SHB rose 1.56 per cent to VND6,500 each.

Trading will resume at 1pm

[xiuchic]

Gains of blue chips yesterday helped sustain a market rise on the HCM City Stock Exchange, with the VN-Index climbing over 2 per cent to close at 452.40 points.

Many large caps hit their ceiling prices by the end of the session, including leading shares such as insurer Bao Viet Holdings (BVH) and PetroVietnam Finance (PVF) and steelmakers Hoa Phat Group (HPG) and Hoa Sen Goup (HSG).
None of the top 30 shares by market capitalisation and liquidity declined, lifting the VN30 by 1.95 per cent to stand at 532.11 points.
"Current valuations are low relative to earnings prospects," analysts of FPT Secrities Co wrote in a report yesterday, saying economic data was positive in the first month of this year, which raised hopes that corporate performance would improve.

However, according to analyst of Bao Viet Securities Co Tran Thi Hai Yen, supporting factors for the recent rally such as strong foreign buying and economic data are now weakening in comparison with the previous few weeks.

Trading was still modest yesterday, totalling almost 50 million shares worth VND683.66 billion (US$32.7 million). Tan Tao Investment Industry Corp (ITA) continued to lead the market with 3.3 million shares changing hands, rising 4.7 per cent to VND6,700 a share.
"Over the next few sessions, the market is likely to see some strong technical bounces but it will not be a decisive end to the correction period," Yen said.

On the Ha Noi Stock Exchange, the HNX-Index also gained 2.69 per cent to finish yesterday's session at 61.17 points.

More than 62 million shares, worth nearly VND430 billion ($20.6 million), were traded, with Sai Gon-Ha Noi Bank (SHB) and property developer Sacomreal (SCR) being the most active codes on the bourse.

Each share saw more than 10 million shares traded. While SHB jumped 4.7 per cent at VND6,700 a share, SCR hit its ceiling price of VND7,800.
Foreign investors concluded yesterday as net buyers on both exchanges, picking up combined shares worth VND74.7 billion ($3.6 million).