Shares slowed down during November 9 afternoon’s trade but still closed higher thanks to rallies of several major stocks and strong buys by foreign traders (Photo: VNA) Hanoi (VNS/VNA) - Sharesslowed down during November 9 afternoon’s trade but still closed higher thanksto rallies of several major stocks and strong buys by foreign traders.
The VN-Index inched up 0.08 percentto close the session at 860.40 points on the HCM Stock Exchange, a new 10-yearpeak, following strong growth of VinGroup (VIC) and Vinamilk (VNM).
This was also the index’s fifthconsecutive rising session with cumulative gains of 3.3 percent.
On the Hanoi Stock Exchange, theHNX-Index was up 0.12 percent at 105.87 points.
Liquidity remained positive with atotal of 197.3 million shares worth a combined 5.1 trillion VND (223.4 millionUSD) traded in the two markets.
VinGroup, Vietnam’s biggest privatereal estate developer, climbed 4.7 percent, while the largest stock by marketvalue, Vinamilk, increased 1.4 percent.
Shares of VinGroup have ralliedabout 50 percent in the last three months, partly thanks to debut of its retailarm Vincom Retail (VRE) which began trading on the HCM Stock Exchange on November6. Ending September, the company recorded revenue of 57 trillion VND and netprofit of 2.1 trillion VND, up 67 percent and 23 percent year-on-year,respectively.
Other substantial gainers on November9 included Bình Minh Plastics (BMP), up 3.6 percent; Petrolimex (PLX), up 2.3percent; budget airline Vietjet Air (VJC) and Mobile World Group (MWG), up byless than 1 percent. All of them are among top 30 largest stocks by marketvalue on the HCM City’s bourse.
Divergence was remarkable, however,with many big shares sinking into the red, including VPBank (VPB), Vietcombank(VCB), brewer Sabeco (SAB), steelmaker Hoa Sen Group and FLC Faros Construction(ROS), of which ROS was the biggest loser, down 6.8 percent.
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Overall market condition wasnegative with losing stocks outnumbering gaining ones by 235-212, and 273closed flat on the two markets.
November 9’s highlight was activetrade by foreign investors which supported the market. They were responsiblefor net buy volume of 4.8 million shares worth 363 billion VND in HCM City’smarket. They focused on Vinamilk’s shares with net buy value of 278 billion VND,followed by Vietjet Air with 43 billion VND.
Foreign investors were also netbuyers in Hanoi’s market for 1.4 million shares worth 24.3 billion VND.
However, according to BIDVSecurities Company, the market was in an unpredictable phase as the intra-dayfluctuation in the session was gradually widening.
“With the rebound of cash flow andthe support from large-cap stocks, it is likely that the market will continueto move forwards to new highs,” they wrote in a note, but advised investors ofa reverse trend as selling pressure often increased when prices rise.-VNA
VNA
