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Shares up on investor confidence

Shares rose on February 27 on the two exchanges despite expert forecasts of a slight correction in early sessions this week as investors remained positive over market outlook.
Shares up on investor confidence ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) - Shares rose on February 27 onthe two exchanges despite expert forecasts of a slight correction in earlysessions this week as investors remained positive over market outlook.

The benchmark VN-Index on the HCM Stock Exchange edged up 0.42 percent to closeat 717.44 points. The southern index decreased 0.4 percent in the last twosessions.

On the Hanoi Stock Exchange, the HNX-Index was up 0.63 percent to end February 27’s trade at 86.86 points, following last week’s gain of 0.5 percent.

The overall market condition was positive with 258 stocks rising, 216 decliningand 228 remaining flat on the two exchanges.

A total of 243.5 million shares, worth a combined 3.8 trillion VND (167million USD),were traded on the two markets, up over 10 percent in volume and slightly lowerin value compared to last week’s average figures.

“Sellingpressure on the market reduced significantly from the previous two sessions andmarket sentiment remained positive,” Tran Duc Anh,a stock analyst at BaoVietSecurities Co, wrote in a market report on February 27.

Anhsaid investors were willing to buy when the indices signaled a retreat.
Their buys focused on large-cap stocks such as VinGroup (VIC), PV Gas (GAS),Vietinbank (CTG), Vietcombank (VCB), BIDV (BID) and FPT Corp (FPT).
Eighteen of the top 30 shares by market value and liquidity on the main boursein HCM City advanced while eleven slumped.

Apart from blue chips, investors continued to bet on property stocks on highhopes for the real estate sector this year.

VanPhat HungCorp (VPH) hit the daily limit rise of 7 percent for three consecutive sessionsand lifted its winning run to six days in a row. Others including NovalandInvestment (NVL), Kinh BacCity Development (KBC), Tan TaoInvestment Industry (ITA), FLC Group (FLC) and Hoang QuanConsulting-Trading-Service Real Estate (HQC) increased between 1 and 4 percent.

Property inventories decreased to nearly 30 trillion VND (1.2billion USD)as of February 20, down 4.7 percent from December last year and a decrease ofnearly 77 per cent from their peak in the first quarter of 2013.

According to BaoVietSecurities Co, the domestic real estate market will see divergence and fiercecompetition in every segment. While high-end products have large supply andhigh risks, low-end medium-cost products have relatively high demand butlimited supply.-VNA
VNA

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