HCMC – The local market continued to gain solid ground on Tuesday following the strong recovery on Monday, with the VN-Index adding 10.53 points, or 2.37%, from the previous session to close at 455.08.
Liquidity on the southern bourse improved sharply as up to 55.6 million shares worth VND1.5 trillion were traded at the end of the day, increasing by 61% and 81% against the session earlier respectively. Bids increased by 28.5% to nearly 102 million shares while offers rocketed 97% from the previous session to 76.6 million shares.
The market started the day a bit higher and then after a brief correction resumed its climb and hit a high of 455.43 by the end of the second matching phase before finally trading flat until the close.
The number of gainers once again outnumbered that of losers by 9 to 1, at 215 to 24, of which 97 closed at the ceiling prices and two others dropped to the floor prices.
Saigon Securities Inc. (SSI) took the lead in terms of liquidity, ending the day up 4.8% to VND28,000 with 3.3 million shares traded, followed by Refrigeration Electrical Engineering Corp. (REE), which advanced 1.8% from the previous day to VND17,100 on the volume of 2.6 million shares.
Foreigners turned strong net buyers on Tuesday, acquiring 8.4 million shares worth VND353 billion and offloading 4.4 million shares worth VND160 billion. They accounted for 24% and 11% of the market’s buying and selling respectively.
The Hanoi market also gained further on Tuesday in much better turnover of around VND1 trillion. The HNX-Index jumped another 3.52 points, or 2.82%, from the previous session and ended the day at 128.4.
Up to 263 stocks advanced while 44 stocks dropped, including 18 stocks hitting the ceiling prices and three stocks dropping to the floor prices.
Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets continued their run on Tuesday after a tentative start and predictably hit resistance at 455 points on the VN-Index. Market volumes expanded significantly and came close to summer averages. Foreigners were very active on Tuesday after the market breakout was confirmed on Monday perhaps seizing a last chance to bargain hunt in case prices move higher.
“In terms of the very short term, however, given that on Thursday is the last trading day of the short week perhaps we might be forgiven for predicting a quieter trading day with some profit taking expected. However, we note that closing bids (top three prices) were above 21 million shares suggesting that the market still has considerable buying power left and should offer support not far below where we closed,” Mac Cana added.
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