Although transaction remained sluggish given cautious sentiment, the local market extended gains to the second straight session on Wednesday thanks to support of a number of large-caps, with the VN-Index advancing 3.35 points, or 0.86%, from the day earlier to close at 395.12.
The market opened sharply higher but dropped back into the red and bottomed at 392.56 points before trading in a narrow range around Tuesday?s close until the end of the morning session. In the afternoon, stocks rallied again and pushed the index to the highs where it closed.
Liquidity on the southern exchange stayed weak with 23.8 million shares worth VND390.5 billion traded, both dropping by over 10% against the previous session. The put-through market was quiet with only a handful of small transactions.
Gainers outnumbered losers by 142 to 76 while 92 stocks closed at the reference prices. BVH, VIC and VNM were the largest contributors to the VN-Index.
Viet Capital Securities Co. (VCSC) noted that BVH reversed strongly after plunging to the floor prices for two days in a row, although this time the support no longer came from foreigners as it was last week. VIC, on the other hand, has been enjoying steady performance since September 14, gaining 13% over the period.
Tan Tao Investment Industry Corporation (ITA) again took the lead for liquidity, going up to the ceiling price of VND4,600 per share with nearly 1.8 million shares changing hands. Eximbank (EIB) was the second most actively traded stock but it fell 1.3% to VND14,600 on a volume of 1.1 million shares.
The Hanoi market managed a modest gain as PVX hit the ceiling price with nearly four million shares traded. With 135 rising stocks versus 54 falling tickers, the HNX-Index inched up 0.07 point, or 0.12%, from the previous day to close at 56.29.
Ending the day, there were 21.4 million shares worth VND149 billion traded on the bourse. Value increased by 8.8% from the session earlier but mostly thanks to penny stocks, evidenced by a remarkable volume increase of 26.6%.
VCSC said that while the VN-Index is approaching closer to 400 points, the HNX-Index is still struggling far below the 60-point thresholds. It believes the levels are important to observe.
?The key point is that except for some isolated sessions, liquidity remains low. That we believe exactly reflects investors? uneasiness to make a decision at the moment. Markets are moving in an attractive valuation region but mixed macroeconomic indicators and enterprise results means it is hard for investors to identify turnaround point,? it said.
The Saigon Times Daily
Source: http://www.saigonmoney.com/2012/09/27/stocks-rise-for-second-day/
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