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VietNamNews

Top shares stave off market decline

Update: January, 12/2012 - 09:24

HA NOI — Insurer Bao Viet Holdings (BVH) and food giant Masan Group (MSN) hit their ceiling prices yesterday on the HCMC Stock Exchange, rescuing the benchmark VN-Index from a decline.

Despite decliners narrowly outnumbering advancers overall, the VN-Index gained 0.8 per cent over Tuesday's close, concluding yesterday's session at 347.43 points. The value of trades declined by 16 per cent, however, to a total of VND420 billion (US$20 million), while

Besides BVH and MSN, blue chips were mixed. Eximbank (EIB) and Sacombank (STB) posted gains of nearly 3 per cent, while Phu My Fertilisers (DPM) rose by 1.7 per cent. However, real estate developer Vincom (VIC) lost 3 per cent while others closed unchanged.

"Trading value remains low and money has not really returned to the market," Vietcombank Securities Co analysts wrote in a report.

Recent rebounds were attributable to technical corrections which were understandable after the prolonged downturn, they said. Meanwhile, the international and domestic economic situation did not support the market and the lunar new year holiday was approaching, causing investors to prefer holding cash.

On the Ha Noi Stock Exchange, after a brief rise on Tuesday, the HNX-Index slumped to 55.88 points, a loss of nearly half-a-per cent. Value decreased by 15 per cent to VND202.2 billion ($9.6 million) with just 24 million shares traded.

Decliners and advancers were evenly split, at 108-108, although half the losers plunged to their floor prices. Kim Long Securities Co (KLS), the most-active share in Ha Noi with over 2.3 million traded, closed 1.3 per cent higher at VND7,800.

Foreign investors became net buyers on both exchanges yesterday, responsible for a combined net buy of over VND37.6 billion ($1.8 million). — VNS

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