The VN-Index saw a modest gain of another 0.36 percent on Wednesday, closing at 534.46 points on the HCM City Stock Exchange, for the third consecutive rising day.
Trading volume fell slightly to 65.47 million shares, worth a combined VND3.18 trillion (US$170 million). Shares drew a distinction with gainers and losers being nearly on a par by 82:87 ratio. Saigon Securities Inc (SSI) grew to be the most active share on the southern bourse with over 3.6 million shares traded.
On a divergent move, the HNX-Index on the Ha Noi Stock Exchange yesterday slid 2.02 percent from the previous session to close at 179.56 points.
The volume of the day’s trades, however, rose by 11.5 percent to 41.57 million shares, worth a total of VND1.58 trillion ($84.5 million), up 19.7 percent from the Tuesday’s session.
Another brokerage, Kim Long Securities (KLS) led the northern market as the most heavily traded share with over 5.7 million shares changing hands.
Stock exchanges were welcoming many sources of capital into the market, lifting trading volume and value on both bourses to a high level, said analysts from Vietnam International Securities Company.
In addition to capital flow switching from gold channel to securities, the market was accepting investment sourced from banks resuming lending services, securities companies and financial institutions renewing financial leverage, the analysts said.
Viet Capital Securities Company (VCSC) forecast VN-Index to be heading for 550, the profit-taking threshold of many institutional investors when average price-to-earnings ratio on the market is about 15,5x, showing share prices are no longer so attractive.
The rising trend would slow down and the market would see corrections as profit-taking increased, the VCSC predicted, noting however that market rises tended to last in the first month of a new year.
The daily report of FPT Securities Company yesterday showed increasing supply in the day’s trading sessions with greater sell volumes placed by many investors, albeit absorbed by high demand.
Most of brokerages advised their customers to buy in correction sessions.
Foreign investors yesterday continued to be net buyers on both bourses, responsible for a combined volume of 1.28 million shares, worth VND36.6 billion ($1.96 million).