Market up despite gold’s bullish run

Driving stocks Saigon Securities Inc. (SSI), PetroVietnam Finance (PVF), Tan Tao Investment Industry Corp. (ITA), Refrigeration Electrical Engineering Corp. (REE), Kinhbac City Development Share Holding Corp. (KBC) massively hit the ceiling on Ho Chi Minh Stock Exchange (HoSE).

Other speculative stocks, which always tend to strongly fluctuate in line with the market moves, also sharply jumped. Among them, real estate stocks Hoang Quan Consulting- Trading-Service Real Estate Corp (HQC), Licogi 16 JSC (LCG), Investment and Trading of Real Estate JSC (ITC), Thu Duc Housing Development JSC (TDH) all hit the ceiling or nearly hit the ceiling.

On the Hanoi Stock Exchange (HNX), investors mainly flew to PetroVietnam Construction (PVX), Kim Long Securities (KLS), VnDirect Securities (VND), Saigon Commercial Real Estate (SCR) along with other real estate stocks, securities company stocks and PetroVietnam-family stocks, pushing them all up 5-7 per cent.

The VN-Index ended the session at 406.03 points, up 5.27 points or 1.32 per cent. Meanwhile, Hanoi’s bourse soared with the HNX-Index up 2.39 points or 3.54 per cent to 69.92 points.

Other stocks also advanced in line with major stocks’ impressive rise. Both the two exchanges saw nearly three fourth the market ending higher. On HoSE, 216 stocks were up, just 34 fell and 49 ended flat.

Some 248 stocks climbed on the HNX, compared with 42 off and 97 unchanged.

Meanwhile, macroeconomic difficulties still loom with investors looking forward to central bank measures to cool interest rates. Domestic gold was up some VND650,000 per tael to new record high of VND47.89 million per tael this morning.

“The stock market needs clearer improvement signs regarding interest rates and flows,” said Saigon-Hanoi Securities. “We think investors will be cautious.”

Liquidity kept modest at 31.3 million shares worth VND474.19 billion ($23.1 million) on the Ho Chi Minh City bourse, with 3.3 million shares worth VND68.8 billion ($3.3 million) shares negotiated.

On the HNX, 34.1 million shares worth VND363 billion ($17.7 million) changed hands today.