Stock Market Ekes out Seventh Day of Gains

The VN-Index rose for the seventh consecutive session at the Ho Chi Minh City Stock Exchange today, gaining 3.77 points to close at 533.

VN-Index rises for the seventh consecutive session at the Ho Chi Minh City bourse today.

The trading volume remained light; only 832,740 shares were traded for VND40.6 billion (US$2.53 million). It seems investors are waiting for the broader trading limit of two percent to come into effect on April 7 before plunging back in with buy orders.

Noticeably, the number of buy orders for Sacombank (STB), Phu My Fertilizer and Chemicals (DPM) and Saigon Securities (SSI) fell by 20 to 30 percent.

According to many people, the State Securities Commission is doing the right thing by easing the daily share trading band again following the severe narrowing on March 27 in response to plunging share prices across the board.

With the broader trading band from next week, some veteran investors may begin offloading some of their shares to bring prices down to bargain basement levels, after which they can snap the shares back up again.

Up north in Hanoi, the HASTC-Index rose 2.97 points to end today at 193.29 after 619,300 shares swapped hands for VND35.4 billion (US$2.21 million). 

Source SGGP, VN Express – Compiled by Khanh Hong

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