Large-cap stocks push up City bourse

Shares rose for the second session on the HCM City Stock Exchange but continued their retreat in Ha Noi yesterday.

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The VN-Index on the southern bourse jumped 1.92 per cent to 600.55 points. Market turnover increased 20 per cent over Monday to nearly VND1.8 trillion (US$84.9 million) as investors bought and sold 87.1 million shares.

The VN30 Index, representing the performance of the 30 largest stocks in terms of capitalisation and liquidity, advanced 0.9 per cent to end at 633.81 points, mostly thanks to the gains of Kinh Do Confectionery (KDC), up 3.5 per cent, PetroVietnam Drilling Services (PVD) and real estate giant Vingroup (VIC), both up four per cent.


Meanwhile, six codes saw slight decreases in their value.

The VN-Index was moving around its resistance of 600 points, and some indicators showed that it could rally in the short term, said Bao Viet Securities Co's technical analyst Tran Xuan Bach.

Meanwhile, the company's strategy analyst Tran Duc Anh recommended investors buy shares of profitable securities, real estate and exporting firms.

"With the plunge of world oil prices, oil and gas companies are not recommended," he added.

On the Ha Noi Stock Exchange, the HNX-Index reached 87 points, declining 0.32 per cent.

The caution of traders prevailed, limiting money to the market. The trading value fell 22 per cent to VND626.6 billion ($29.5 million) on a total volume of 45.7 million shares.

The HNX30 Index, comprising the top 30 blue chips, also shed 0.32 per cent to reach 173.34 points.

However, financial stocks in the northern market outpaced to rally. The financial share index rose 0.26 per cent.

Foreign investors continued to be net sellers in terms of value. They widen their net by 27.6 per cent to VND62.4 billion ($2.9 million).