By Thuy Trieu - The Saigon Times Daily
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| Investors smilingly watch stock prices on the electronic board at Rong Viet Securities in HCMC. The VN-Index on Monday rose 7.73 points to 521.12 points, breaking the important resistance level of 520 points - Photo: Le Toan |
HCMC – The strong bullish sentiment on the southern market on Monday helped the VN-Index break the psychological resistance of 520 points, as the index gained 7.73 points, or 1.5%, from the previous session to 521.12 points. Liquidity also rose strongly in the fourth consecutive rising session.
The Hochiminh Stock Exchange reported investors bid for 103.6 million shares, increasing 17% from the session earlier, while they offloaded 87.9 million shares, up 4.1%. At the end of the day, the market’s trading volume was 56 million shares worth VND2.4 trillion, increasing 23% and 20% respectively from the session earlier. 
The market saw 170 stocks rising and 20 others falling, including 41 stocks hitting the ceiling prices and only one dropping to the floor price.
Financial stocks continued leading the market in terms of liquidity. Meanwhile, penny stocks especially in sectors of seafood, rubber, and real estate made considerable contribution to the increase of the VN-Index.
Saigon Securities Inc. (SSI) was the most actively traded stock with over three million shares changing hands, with its price rising 0.3% to VND92,000 each. Meanwhile, Eximbank (EIB), moving flat at VND23,100 each, was the second most traded stock on 1.63 million shares.
Foreign investors remained net sellers as they bought 2.64 million shares worth VND119.4 billion and sold 2.25 million shares worth VND132 billion, accounting for 4.9% of the market’s buying value and 5.5% of selling value.
Hochiminh City Securities Corp. (HSC) said in its daily report that both markets appeared to break out, ending a two month hiatus since early January. Volumes were good for a Monday and the markets rose from the open and closed strong, it commented.
“Volumes remain strong and the high level of bids at the close suggests another firm opening tomorrow. Having broken through fairly long term resistance at 518 points or so, we have cleared the way for a sustained rally over the next few days at least,” HSC said.
APEC Securities Co. said in its report that on technical analysis, liquidity of the market would be better and the short-term uptrend was clearer.
Similarly, Vietnam International Securities Co. (VIS) expected that the market would be positive today given on Monday’s performance.
Hanoi’s index inched up 1.07 points to 171.23. The market’s trading volume was 29 million shares worth VND933.3 billion, falling 8.8% and 16% respectively from the previous session. There were 217 stocks rising and 31 others falling, including 41 stocks hitting the ceiling prices and no stock dropping to the floor price.
Similar to the southern bourse, foreigners turned net sellers of VND15.68 billion worth of shares on this bourse.