Shares up on investor confidence

Investors at Sài Gòn Securities Inc.'s exchange floor. — VNS Photo Việt Thanh

HÀ NỘI – Shares rose yesterday on the two exchanges despite expert forecasts of a slight correction in early sessions this week as investors remained positive over market outlook.

The benchmark VN-Index on the HCM Stock Exchange edged up 0. 四 二 per cent to close at  七 一 七. 四 四 points. The southern index decreased 0. 四 per cent in the last two sessions.

On the Hà Nội Stock Exchange, the HNX-Index was up 0. 六 三 per cent to end yesterday’s trade at  八 六. 八 六 points, following last week’s gain of 0. 五 per cent.

The overall market condition was positive with  二 五 八 stocks rising,  二 一 六 declining and  二 二 八 remaining flat on the two exchanges.

A total of  二 四 三. 五 million shares, worth a combined VNĐ 三. 八 trillion (US$ 一 六 七 million), were traded on the two markets, up over  一0 per cent in volume and slightly lower in value compared to last week’s average figures.

“Selling pressure on the market reduced significantly from the previous two sessions and market sentiment remained positive,” Trần Đức Anh, a stock analyst at Bảo Việt Securities Co, wrote in a market report yesterday.

Anh said investors were willing to buy when the indices signaled a retreat.

Their buys focused on large-cap stocks such as VinGroup (VIC), PV Gas (GAS), Vietinbank (CTG), Vietcombank (VCB), BIDV (BID) and FPT Corp (FPT).

Eighteen of the top  三0 shares by market value and liquidity on the main bourse in HCM City advanced while eleven slumped.

Apart from blue chips, investors continued to bet on property stocks on high hopes for the real estate sector this year.

Vạn Phát Hưng Corp (VPH) hit the daily limit rise of  七 per cent for three consecutive sessions and lifted its winning run to six days in a row. Others including Novaland Investment (NVL), Kinh Bắc City Development (KBC), Tân Tạo Investment Industry (ITA), FLC Group (FLC) and Hoàng Quân Consulting-Trading-Service Real Estate (HQC) increased between  一 and  四 per cent.

Property inventories decreased to nearly VNĐ 三0 trillion ($ 一. 二 billion) as of February  二0, down  四. 七 per cent from December last year and a decrease of nearly  七 七 per cent from their peak in the first quarter of  二0 一 三.

According to Bảo Việt Securities Co, the domestic real estate market will see divergence and fierce competition in every segment. While high-end products have large supply and high risks, low-end medium-cost products have relatively high demand but limited supply. – VNS