Profit-taking pressure increased towards the end of the session but it failed to prevent the local market extending its rally for a second straight day on Thursday. Many large-caps recovered sharply, with the VN-Index gaining 4.19 points, or 1.07%, against the previous day at 397.25.
The market opened a little higher and ran up a few points before reversing direction. Stocks embarked on a more sustained run later and ended the morning session on a strong note. In the afternoon, the VN-Index move up to the high of 399.44 points before closing two points below that level.
Liquidity on the Hochiminh Stock Exchange was still low as investor participation was limited. Ending the day, there were 39 million shares worth VND602 billion traded. The put-through market was more active with large transactions of VNM and STB.
Gainers slightly outnumbered losers by 132 to 111, with 38 stocks hitting the ceiling prices and 30 others plunging to the floor prices. Blue-chips were mixed with gains in VIC, GAS and HAG while VNM and BVH fell.
Eximbank (EIB) led the market in terms of liquidity, jumping 3% against the previous day to VND16,400 per share with 2.2 million shares traded. Sacom Development and Investment Corporation (SAM), the second most actively traded stock, moved sideways at VND7,500 on a volume of nearly 1.7 million shares.
Foreigners were more active and they stayed on the buying side, making up 17% and 11.7% of the market?s buying and selling value respectively.
The Hanoi market closed virtually flat with turnover down a bit to around VND279 billion. The HNX-Index edged up 0.04 point, or 0.06%, against the previous session and ended the day at 61.92.
Winning stocks almost equaled losing ones at 92 to 96, of which 34 surged to the ceiling prices and 25 dropped to the floor prices. Foreigners accounted for 1.5% of the buying value and 1.3% of the selling value.
According to Viet Capital Securities Co. (VCSC), momentum indicators still retain a short-term uptrend. Notably, pressure from last week?s three deep corrective sessions show signs of weakening remarkably.
However, as the market saw rising selling pressure in last-minute trade on Thursday, VCSC expected the market to see a slight correction on Friday with the price support zone being 390-392 points for the VN-Index and 60-61 points for the HNX-Index.
?However, looking at trading volumes in the past, we think that this corrective pressure will not be too strong. We expect the correction to help improve market liquidity,? the broker added.
The Saigon Times Daily
Source: http://www.saigonmoney.com/2012/09/02/stocks-unweakened-by-profit-taking/
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