Foreign hands lift the market

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Blue-chips VIC and MSN hit the ceiling, while BVH gaining VND3,000, contributing more than six points to the benchmark VN-Index.

The brokerage giant Saigon Securities Inc. (SSI) was much buoyed as well, climbing 2.02 per cent to VND20,200.

Foreign investors’ buying volume increased to more than 3.9 million shares, up from yesterday’s 3.5 million.

Local investors meanwhile strongly bid Vinamilk (VNM) after the dairy giant posting impressive Q1 profit of more than VND1 trillion ($48.3 million).

A number of banking shares gained also after the sector posting good profits for Q1, among them Vietinbank (CTG) up 1.06 per cent and Vietcombank (VCB) added 0.71 per cent.

Several major stocks advanced in line with the rise of those leading stocks, of which PetroVietnam Finance (PVF) adding more than 2 per cent, Ocean Group (OGC) and Quoc Cuong Gia Lai Group (QGC) up more than 1 per cent.

Those rising major stocks helped the VN-Index to climb 7.46 points or 1.62 per cent to end at 469.32 points.

In contrast, small-cap and mid-cap stocks saw little advance, except some were driven up without any supportive information.

Seafood company Cadovimex (CAD) saw its stocks hit the ceiling for the sixth straight sessions despite “current difficulties [in doing business] that board of directors are trying to resolve,” according to the company’s explanation to the Ho Chi Minh Stock Exchange (HoSE).

Gainers and droppers were equal at 108 stocks on the HoSE, while 71 ended flat. Trading volume was almost unchanged at 28.5 million shares, worth VND598 billion ($28.89 million).

Hanoi Stock Exchange’s HNX-Index slightly added 0.05 points, or 0.06 per cent, to 83.79 points. Trading volume declined further on the northern bourse to 25.58 million worth VND350 billion ($16.9 million).

At the close, 169 stocks were off, compared with 81 up and 135 unchanged.