Stock trading at Tan Viet Securities Company (Photo: VNA)Hanoi (VNA) -Shares rose further on both local exchanges on September 7, boosted by somelarge-cap stocks, while market trading liquidity showed little improvement tostrengthen investor confidence.
The benchmark VN-Index on the HCM Stock Exchange gained 0.40 percent to closeat 796.72 points, extending its rally for a sixth session with total growth of2.9 percent.
The southern market index has risen 4.6 percent in the last 11 sessions toapproach a 10-year record of 800 points.
The HNX-Index on the Hanoi Stock Exchange inched up 0.11 percent to end at104.61 points. The northern market index has increased by total 0.8 percentover the past three trading days.
More than 194 million shares were traded on both bourses, worth 4.16 trillionVND (185 million USD), similar to the previous day’s numbers.
The market trading condition was balanced across the two local exchanges with225 increasing stocks and 221 losing ones.
Among the 20 sectors on the stock market, brokerage, agriculture, informationtechnology and plastic and rubber production were among gainers, whiledecliners included construction and seafood production.
Large-cap stocks were mixed with 14 of the 30 largest companies by marketcapitalisation in the VN30 Index advancing and 13 closing flat.
[Infographics: Vietnam's stock market in first 7 months of 2017]
Among gaining stocks in the VN30 Index were food and beverage producer MasanGroup (MSN), brewer Sabeco (SAB), PetroVietnam Gas (GAS), PetroVietnam Drillingand Well Services (PVD) and FLC Faros Construction (ROS).
According to Vietnam Investment Securities Company (VIS), the recent rise ofSAB had a big impact on the good run of the VN-Index and helped the benchmarkapproach the old peak of 800 points. SAB has posted total growth of 8.9percent in the last six sessions and its gain also corresponded with the VNIndex’s latest six-day rally.
VIS said in its daily report that it would be possible for the VN-Index toextend its gain for a seventh session on September 8 as the number of gainingstocks was balanced with that of losing ones, proving that investor confidencewas spread among all stocks instead of focusing on some particular ones as inprevious sessions.
However, VIS warned that careful moves should be prioritised at the moment aslate profit-taking seemed to increase when the market was near closing, puttingpressure on investor portfolios.
“This is a hard time for investors to look for profits and opportunities evenwhen the market progresses,” it said, adding that trading liquidity signaled noimprovement, remaining lower than the average of the 21 previous sessions andproving that many investors are sitting on the fence.-VNA
VNA
