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Vietnam Business » Vietnam Stock Market News » Index moves up despite high selling pressure

Index moves up despite high selling pressure

Although the selling pressure increased substantially on Thursday, the market still witnessed another rising session as the VN-Index gained 4.59 points, or 0.9%, from the previous session to 511.91.

Some positive news such as falling diesel oil price and better liquidity of the banking system partly encouraged buyers to take risk although offers strongly increased. Vị trí đặt quảng cáo

The Hochiminh Stock Exchange reported investors bid for 82 million shares, increasing 13% from the previous session, while the amount on offer totaled 87 million shares, up 21.2%. The liquidity was much better as the market’s total trading volume was 51 million shares worth VND2.31 trillion, rising 35% and 50% respectively from the session earlier.

The market saw 124 stocks rising and 48 others falling. Of these stocks, there were 15 rising to the ceiling prices and two dropping to the floor prices.

Saigon Securities Inc. (SSI) was the most actively traded stock on the bourse, rising 1.1% to VND88,000 per share with 2.33 million shares traded. Hoang Anh Gia Lai Group (HAG), the second most traded stock, jumped 4.4% to VND82,500 per share with 2.07 million shares changing hands.

Foreign investors turned heavy net sellers on the rising session. They bought 1.73 million shares worth VND98.2 billion and sold 2.8 million shares worth VND149 billion, accounting for 4.3% of the market’s buying value and 6.5% of the selling value.

HCMC Securities Corp. (HSC) said that on Thursday’s market sentiment may have been affected by remarks from Le Duc Thuy, chairman of the National Financial Supervisory Commission who suggested through the media that credit growth in 2010 might have to come in well below the central bank target of 25% in order to control inflation.
The broker expected that inflationary pressures were peaking and that once there is sustained evidence of month-on-month decline, the State Bank of Vietnam would well start to ease monetary policy by allowing more liquidity to flow into the banking system.

The level of bids at the close was similar to the day before and suggested that momentum to the upside remained fairly strong, it said.

Meanwhile, APEC Securities Co. said that short-term profit taking emerged on Thursday and given technical analysis, the market would have an adjustment session today.

VinaSecurities commented that the technical barriers of 515 points on the VN-Index and 170 points on the HNX-Index would be tested again today with momentum in the bulls for the short term.

Opposite to the southern bourse, the northern bourse came down on Thursday. The market did see bullish sentiment at the open, and the uptrend was maintained until the middle of the session. When selling orders at low prices on Saigon – Quy Nhon Minerals Co. (SQC) appeared, the index changed direction.

The Hanoi’s index ended the session down 1.86 points to 168.36. Investors traded 29.5 million shares worth VND985 billion, both falling 10% from the session earlier.

The market saw 189 stocks rising and 43 others falling, with 17 stocks hitting the ceiling prices and only one plunging to the floor prices. Foreigners were net buyers of VND12.7 billion worth of shares.

Vietnam Business And Financial News Network. Source [english.thesaigontimes.vn]

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