Strong demand for blue chips lifts both bourses

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Strong demand for blue chips lifts both bourses

Vietnam News - 7/23/2015 9:25:14 AM

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Shares and market liquidity rose significantly on both bourses yesterday as high market demand pumped huge flows of money into blue chips and key shares.

The stock market's rise was also aided by positive Q2-reports for securities firms and recent high appraisals of the market's potential by international media.

Collectively, both bourses traded 176.5 million shares worth VND2.94 trillion (US$136.5 million) – an increase of 28.8 per cent over Tuesday – and gainers nearly doubled decliners by 258 to 144.

HCM Stock Exchange's (HOSE) VN Index added 13.24 points to finish at 629.85 points. The HNX Index on the Ha Noi Stock Exchange (HNX) gained 2.08 points to close at 87 points.

The two indices received strong boosts from blue chips as they lifted the VN30 and HNX30 basket. VN30 Index gained 13.61 points with 22 advancers and HNX30 Index went up 4.33 points with 17 gainers.

Bank shares, which lead the market, were purchased in abundance and advanced in both market value and liquidity. Military Bank (MBB) was among the most active codes with 5.17 million shares exchanged.

Vietcombank (VCB), BIDV (BID) and Asia Commercial Bank (ACB) were the strongest advancers in the banking sector with 5.69, 5.6 and 6.13 per cent increases in value, respectively.

Gas shares on both markets also took advantage of the positive purchasing mood to advance despite negative reports about the prosecution of Vietnam Gas and Oil Group's Chairman.

High demand from investors also helped securities and insurance shares to halt their recent declines.

Saigon Securities Incorporation (SSI) increased by 3.06 per cent and became the most active code on the southern bourse with 6.2 million shares exchanged.

On the HNX, VNDirect Securities JSC (VND) advanced the most out of all securities shares, adding VND900, 6.52 per cent, to close at VND14,700.

Most insurance shares closed as advancers, however the largest code - Bao Viet Holdings – dropped VND3,000, 5.26 per cent, to VND54,000.

Other key players in the HNX's sunny performance include Masan Group Corporation (MSN); Hoa Phat Group Joint Stock Company (HPG), which hit ceiling value; and Sai Gon Thuong Tin Real Estate JSC (SCR), which was the most active code on the HNX with 8.8 million shares exchanged.

Foreign investors, net buyers on Tuesday, suddenly turned into net sellers yesterday, selling VND95.8 billion ($4.43 million) on both bourses.

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