Updated  
October, 11 2012 09:14:00

Large cap shares help lift indices

HA NOI (VNS)– Stocks managed to post gains on both stock exchanges by the end of yesterday's session, despite tumbling when the markets opened.

The benchmark VN-Index on the HCM City Stock Exchange rose for the fourth consecutive day, closing at 394.66 points, up 0.25 per cent over Tuesday.

Both trading volume and value decreased slightly from the previous day however, totalling almost 38 million shares worth VND486.36 billion (US$23.2 million).

Money continued to pour into several blue chips, lifting the VN30, which tracks the top 30 shares on the bourse, up 0.35 per cent to 461.71 points.

Phu Nhuan Jewellery (PNJ), logistics company Gemadept (GMD) and Development Investment Construction (DIG) hit their ceiling prices, while PetroVietnam Finance (PVF), Bao Viet Holdings (BVH), Phu My Fertiliser (DPM) and software giant FPT Corp (FPT) all finished up by the end of yesterday's session.

FPT yesterday reported that as of the end of September, its revenue totalled VND17.6 trillion ($838.1 million), or 68 per cent of its yearly target. The corporation's pre-tax profit reached VND1.75 trillion ($83.6 million) during the period.

Tan Tao Investment Industry (ITA) continued to be the most active stock during yesterday's session, with 5.2 million shares changing hands, traded at its ceiling price of VND4,200.

On the Ha Noi Stock Exchange, the HNX-Index closed yesterday at 55.51 points, up 0.14 per cent over Tuesday, but value decreased 17 per cent to just VND192.6 billion ($9.2 million).

PetroVietnam Construction (PVX) again was the most active code on trades of 2.7 million shares, up 2 per cent to VND4,700.

"The market in the short term will possibly face the biggest risk of low liquidity," said Pham Tien Dung, an analyst from Bao Viet Securities Co.

Dung said the news that some foreign investment funds like VEH, VPH and VEIL were allowed to extend operations in Viet Nam could reduce the withdrawal risks from these funds.

"However, it is vital to note that the extension of these funds does not mean that there will be capital supplement for the Vietnamese stock market," he said.

Foreign investors finished yesterday as net buyers on both bourses, but value decreased to just VND8 billion ($381,000) worth of shares. — VNS

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