Shares advanced on Friday, September 12, over an increase in the demand for oil and seafood stocks.
However, the VN-Index on the Ho Chi Minh Stock Exchange still closed 0.96 percent lower than the previous Friday’s session. Transaction value averaged 3.14 trillion VND (148.1 million USD) on a daily volume of 175.5 million shares.
On the Hanoi Stock Exchange, the HNX-Index jumped by 1.07 percent to 89.49 points. The average value and volume of trades improved by around 25 percent to 1.25 trillion VND (58.9 million USD) and 93 million shares.
After rally on September 8, shares plunged in the following session, but there was no negative information. Investors offloaded and a series of stocks hit bottom. However, buying at low prices was also retained, pushing trading to a record high.
Apart from oil and seafood, investors eyed shares of transportation, real estate and construction companies, notably penny stocks.
“We are confident in market prospects, and opportunities to buy will come from the stocks mentioned,” BIDV Securities Company analysts said.
In the coming sessions this week, however, they warned that the market would see a correction as many shares had risen quickly.
On September 13, Market Vectors Index Solutions GmbH announced it added two realty shares – FLC Group (FLC) and Becamex (IJC) – to the Market Vectors Vietnam Index while rejecting logistic blue chip Gemadept (GMD).
Notably, FLC was also chosen by the FTSE Vietnam Index and GMD had to leave. The Vietnam Securities Depository had said foreign ownership in Gemadept was reduced from 49 to 20.4 percent. Currently, the company is out of shares for foreign investors.
Foreign investors were net sellers on both bourses, unloading a total margin of 112 billion VND (5.2 million USD). Shares most heavily sold include commercial baker Kinh Do (KDC), Sai Gon Securities Inc (SSI) and property developers Kinh Bac (KBC) and Tan Tao (ITA).
Bloomberg reported that Fitch Ratings might consider raising Viet Nam’s outlook to BB – from the current B+ level due to “strengthening in external finances” and an improved economy. With other improvements in economic indicators, securities analysts are all saying good things about the future of the market.
However, investors who want to surf the market waves should not be active at this point, said FPT Securities’ Le Thi Bich Hang.-VNA
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