Optimism boosts shares nationwide

Thien Thanh Sanitaryware joint company

Optimism boosts shares nationwide

Prospects of a growing uptrend attracted more investors into the stock market and helped lift indices on both stock exchanges in Vietnam on September 3. On the Hochiminh Stock Exchange, the VN-Index added another 4 points, or 0.64 percent, to close the session at 640.75 points. The VN30, which tracks the top 30 shares by market value and liquidity, also rose by 0.31 percent to end at 678.90 points.

Investors continued to pour money in stocks, pushing up the market volume by 20 percent to nearly 205 million shares worth 3.575 trillion VND (169.4 million USD).

Realty stocks are still leading the Hochiminh stock market as the four most active codes come from this group. FLC Group (FLC) saw the highest volume at 21.6 million shares, climbing by 4.76 percent to finish at 13,200 VND per share.

Tan Tao Investment Industry Corporation (ITA) came second with nearly 13 million shares. Hoang Quan Consulting Trading Service Real Estate Corporation (HQC) and Becamex Infrastructure Development Company (IJC) also had from four to eight million shares traded on each code.

According to analysts, growing optimism in the current uptrend lured a number of risk investors into using financial leverage. They believe the Index will reach as high as 650 to 700 points and have channeled money in rising stocks like oil and gas, securities and real estate, as well as mining and shipping.

However, a long rally also drove many traders to sell to lock in profits, thus resulting in narrower profit margins.

On the Hanoi Stock Exchange, the HNX-Index also inched up by 0.33 percent to finish at 87.33 points after rising to 88 points in the morning.

The HNX30, the tracker of the 30 stocks with highest market value and liquidity on the Hanoi market, increased by 0.33 percent to end at 180.25 points.

Liquidity remained high, with nearly 86 million shares worth 1.04 trillion VND (49.3 million USD).

PetroVietnam Construction Corporation (PVX) claimed the position of the most active code on total trades of 10.5 million shares, ending flat at 5,700 VND per share. Sai Gon-Hanoi Bank (SHB) followed with 9.4 million shares, climbing by 2.11 percent to close at 9,700 VND each.

Foreign investors remained net buyers on the two bourses, picking up shares worth a combined 57 billion VND (2.7 million USD).

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