Sep 9: Vietnam stocks close mixed ahead of key resistances

Vietnamese stocks closed mixed today as investors still paid premium to buy blue chips on HOSE but they turned to take profit from speculative, hot issues on the HNX.

The benchmark VN Index rose 6.66 points, or 1.46%, to end at 459.92. Volume fell by 21.9% to 47.3 million shares worth VND715.9 billion including 4.8 million shares worth VND87.3 billion changed hands in the put-through deals.

This was the 11th gaining sessions for VN Index, the longest and strongest advancing streak since 09/04/2008. From August 25, the benchmark has gained 63.24 points or 15.94%, trimming the year-to-date loss to 24.74 points or 5.1%.

The last time VN Index saw 11 straight gaining sessions was from March 26-April 9, 2008 when VN Index gained 51.92 points or 10.45%.

For this week, VN Index gained 24.63 points or 5.66% with average daily trading volume of 45.39 million shares traded.

Buyers bought shares on hopes of lowering interest rates as the central bank is taking tough measures to effectively enact deposit interest rate cap of 14% and credit growth of between 15-18% this year and banks are showing signs of seriously obedience. This means that money flows will seek for a better yield channels such as stock market.

VN Index opened in the red with nearly 1.7 million shares traded but VN Index still well over 450 threshold. The trading was good, liquidity remained at good level and buyers selectively picked up stocks, focusing on blue chips, boosting the benchmark to the highest level at the close.

The market breath today was positive, among 300 shares listed firms on HOSE, gainers outweighed losers by 140 -83 and 69 stocks unchanged. As many as 14 stocks fell to the floor while 49 issues hit the ceiling, 5% each side.

Among10 market caps, 6 gained, 2 lost and 2 unchanged.

Saigon Securities Inc. (SSI) was the most active stock with 2 million shares traded, closing down 0.5% to VND21,000

Becamex Infrastructure Development JSC. (IJC) was in the second place with 1.7 million shares traded, closing up 3.5% to VND8,800.

PetroVietnam Transportation Corporation (PVT) ranked third with 1.2 million shares traded, up 4.2% to VND500.

Refrigeration Electrical Engineering Corporation (REE) followed in the list with 2 million shares traded, closing down 0.8% to VND12,800.

Vietnam Electricity Construction Joint Stock Corporation (VNE) was in the last in the top 5 active list with 1.1 million shares traded, closing up 3.8% to VND5,500.

On the Hanoi Stock Exchange, the HNX closed down 0.16 point or 0.21% to close at 76.78. Trading volume fell 14.1% to 60.3million shares traded for VND715.49 billion of which nearly 3.3 million shares worth VND40.82 billion were changed hands in put-through deals.

Market breadth was broadly negative with 129 gainers, 136 losers and 69 flat issues and 52 untraded. Among top 10 market cap stocks 9 fell and 1 unchanged.

Kim Long Securities JSC (KLS) was the most active stock with nearly 6.6 million shares traded, closing down 2.2% to VND13,300 on average.

PetroVietnam Construction Joint Stock Corporation (PVX) was in the second place with 4.9 million shares traded, losing 2.9% to VND13,200 on average.

VNDIRECT Securities Corporation (VND) ranked third in the list with 4.2 million shares traded, declining 1.5% to VND13,600 on average. – Stoxplus.com

Tags: vietnam stock, Vietnam stock market, VNindex