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HNX shares climb on HoSE hitch

Shares maintained their upward trend on January 23 on the Hanoi Stock Exchange as money shifted from the southern bourse to the northern one after the Ho Chi Minh Stock Exchange halted operations due to a technical crash a day earlier.


The southern stock exchange experienced a technical crash at 2.31pm on January 22, halting all trading activities.


The HNX Index on the Hanoi Stock Exchange gained 1.97 percent to end at 126.32 points. The northern market index rose 1.22 percent on January 22.


Nearly 94.5 million shares were traded on the northern exchanges, worth 1.5 trillion VND (66.1 million USD), up 11.4 percent in volume and 12.7 percent in value compared with January 22’s figures.


The market breadth was positive with gaining stocks outnumbering the declining ones by 129 to 83, while 170 other stocks ended flat.


Money was poured into large-cap stocks on the northern bourse. Among the best gainers were banks and oil and gas companies.


Asia Commercial Bank (ACB) and Sai Gon-Hanoi Bank (SHB) increased around 3 percent while big oil firms such as Southern Gas Trading Joint Stock Company (PGS), PetroVietnam Technical Services Corporation (PVS) and Drilling Mud Joint Stock Corporation (PVC) rallied between 4 percent and 10 percent.


According to Bao Viet Securities Company, the positive sentiment will likely be maintained after the HCM Stock Exchange resumes operation. In addition, the bright outlook for the earnings of many big enterprises is expected to support the current rally in the next session.


Meanwhile, analysts on BIDV Securities have warned of probable profit-taking pressure in the upcoming sessions.


“However, investors should not be nervous and can take advantage of the correction to increase stock exposure when the market is very optimistic and will likely surpass the old peak of 2017,” they wrote in a daily market review.


Vietnam Securities Depository Centre (VSD) confirmed all settlements of securities transactions were still carried out in accordance with regulations.


VSD said it received a document from the HCM Stock Exchange announcing the suspension of trading on January 23.


The State Securities Commission also announced that derivative trading on the Hanoi Stock Exchange was taking place as normal. The watchdog authority suggested the market participants actively cooperate with the HCM Stock Exchange in the process of fixing the problem and providing sufficient information to investors.-VNA


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