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VietNamNews

Shares post gains despite slow trade

Update: January, 19/2012 - 09:42

HA NOI — Stocks continued to post gains yesterday, with benchmark indices on both of the nation's stock exchanges closing up by over a percentage point.

"I am glad to see that the stock market has closed in the green for several successive sessions," said Minister of Finance Vuong Dinh Hue during an online exchange on Tuesday. "This year may be a promising year for the market."

As the Tet (lunar new year) holiday approaches, inflation data for January is being eagerly anticipated. In a hint of where things were headed, the Department of Industry and Trade in Long An Province announced a monthly inflation rate of 0.93 per cent over December.

Inflation could spike nationwide in January and February due to seasonal demand but would slow down thereafter, predicted Vu Hoang, an analyst for the financial information website vietstock.vn.

Hue also noted the economic risks posed by the possible insolvency of securities companies, may of which are subsidiaries of commercial banks. "These securities firms are in fact entrusted with their parent bank's investment operations, which has distorted the financial system," Hue said.

On the HCM City Stock Exchange yesterday, the VN-Index added nearly 1.1 per cent to close at 362.66 points. The value of trades was essentially unchanged from Tuesday's level, totalling nearly VND347 billion (US$16.5 million), while market volume slowed to just over 18 million shares.

Insurer Bao Viet Holdings (BVH), one of the leading shares by capitalisation, hit its ceiling price, closing up 5 per cent to VND48,500 per share. Many other blue chips rose by 0.6-3 per cent. Overall, advancers outnumbered decliners by 142-65.

With over 77,000 shares changing hands, Sacombank (STB) was the most-active share on the HCM City bourse.

On the Ha Noi Stock Exchange, the HNX-Index also edged up 1.2 per cent to 57.22 points. Nearly 150 out of 393 listed codes saw gains.

Trading was sluggish, however, with market value reaching just VND128 billion ($6 million) – a decrease of 19 per cent from the previous session – on a volume of just over 15 million shares.

VNDirect Securities Co (VND) was again the most-active share nationwide with 1.65 million changing hands.

Foreign investors were net buyers on both bourses by a combined net of VND21.3 billion (about $1 million). — VNS

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