Shares extended gains on both local markets on November 27 as investments continued to pour into large-cap stocks despite warnings of a short-term correction from analysts and brokerage firms.

Investors track stock prices at ACB Securities Company in Hanoi

The benchmark VN Index gained 0.32 percent to close at 938.61 points, extending its upward trend from last week’s total growth of 5 per cent and touching a new 10-year high.

The southern market index has increased for the last six consecutive sessions and advanced total 12 percent since the start of November.

The HNX Index on the Hanoi Stock Exchange moved up 1.08 percent to end at 112.03 points, marking a four-day rally of total 3.7 percent.

The northern market index has recorded a 6.5 percent growth so far in November.

More than 339 million shares were traded on the two local exchanges, worth 6.95 trillion VND (309 million USD).

The figures were increases of 38 percent in volume and 29 percent in value compared to last week’s average trading numbers recorded in each session.

Gaining stocks continued to dominate the market, outnumbering losers by 319 to 170 across the two local markets.

Large-cap stocks remained the major pillar to lift the market with 19 of the 30 largest shares by market capitalisation on each of the two local exchanges advancing.

The VN30 and HNX30 indices that track the performance of large-cap stocks on both local exchanges went up 0.51 percent and 2.07 percent, respectively.

Gainers included consumer goods producer Masan (HOSE: MSN), HCM City Infrastructure Investment JSC (HOSE: CII), Saigon-Hanoi Securities (HNX: SHS) and Saigon-Hanoi Bank (HNX: SHB).

Of the 20 sectors on the stock market, real estate, insurance-finance, food and beverage, and rubber production posted the highest growth rates.

The market sentiment was also supported by foreign investors that ended as net buyers, posting a total net buy value of 337.6 billion VND on both exchanges.

On the opposite side, profit-taking pressure appeared and sent some stocks down such as brewer Sabeco (HOSE: SAB), MBBank (HOSE: MBB), Coteccons Construction JSC (HOSE: CTD) and PetroVietnam Mud Drilling (HNX: PVC).

Though a part of the stock market suffered from strong profit-taking, the growth of the market did not stop as the cash flow was well distributed among large-cap, mid-cap and small-cap stocks, Saigon-Hanoi Securities Co (SHS) said in a note.

“Short-term technical signals for the VN Index and VN30 Index are positive,” SHS said, adding that indicated the market would continue advancing in the short-term period and the benchmark index could rise to the 940-point level on November 28.-VNA