Market heads north in confident manner

April 25, 2012 | 17:00

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The market was significantly driven up Wednesday helping sellers dump their holdings.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) jumped 7.22 points or 1.55 per cent to end at 472.87 points. The Hanoi Stock Exchange (HNX) also rallied in line with the southern bourse’s rebounding sentiment, gaining 0.98 points or 1.25 per cent to end at 79.55 points.

Advancers strongly outran decliners on both bourses. Some 223 stocks were up on the HoSE, compared with just 49 off. Meanwhile, the HNX saw 247 stocks up and 46 declining. Highly speculative stocks led the gainers.

Mineral stocks continued the strong upward trend. Nari Hamico Minerals (KSS), Tay Bac Minerals Investment (KTB), Hamico Group Mineral (KSH) hit the ceiling again.

Top liquid stocks like Licogi 16 (LCG), Investment and Trading of Real Estate (ITC), Becamex Infrastructure Development (IJC), International Development and Investment Corp (IDI), Binh Duong Trade and Development (TDC), Vietnam Mechanization Electrification and Construction (MCG) were sharply driven up, gaining 3-5 per cent each.

HNX’s Saigon Commercial Real Estate (SCR) also hit the ceiling with 2.2 million units matched.

Securities company shares were also among top gainers on the HoSE today. Sacombank Securities (SBS) outperformed the southern bourse with more than 6 million shares matched, hitting the ceiling. Ho Chi Minh Securities (HCM) hit the ceiling as well and Saigon Securities Inc. (SSI) sharply rose with 3 million shares matched.

Stocks of small firms like Orient Securities (ORS), PetroVietnam Securities Inc. (PSI) also sharply jumped.

Meanwhile, HNX’s VNDirect Securities (VND), Kim Long Securities (KLS), Bao Viet Securities (BVS) slightly climbed. Analyst still underlined the market’s uncertain trend ahead of new fears about rising inflation.

“We believe that cautious sentiment is necessary at this period. The market rose with just modest momentum and low liquidity, which means that the market is just trying to rise and will soon turn head to fall back,” said VNDirect Securities.

Liquidity reached 83.8 million shares worth VND1.2 trillion ($58.7 million) on the HoSE and reaching 80.5 million shares worth VND785.9 billion ($37.9 million) on the HNX.