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Shares rise on VN-30 Index launch

Update: February, 02/2012 - 08:53

Transactions focused on shares announced on Monday to be included in the basket used to calculate the new VN-30 Index.

HA NOI — Led by blue chips, shares on the HCM City Stock Exchange continued to rise yesterday, but profit-taking had a negative impact on the Ha Noi bourse.

In HCM City, the VN-Index concluded the session at 390.67 points, up 0.7 per cent over Tuesday's close. Trading volume remained unchanged compared to the previous session with 39.2 million shares changing hands, but the value of trades rose 22 per cent to VND622.5 billion (US$29.6 million).

Transactions focused on shares announced on Monday to be included in the basket used to calculate the new VN-30 Index, which will be rolled out next Monday. These included real estate developer Hoang Anh Gia Lai (HAG), PetroVietnam Finance (PVF), Becamex Infrastructure Development (IJC), Tan Tao Investment Industry (ITA), Kinh Bac City Development (KBC) and Ocean Group (OGC).

Eight of the 10 leading shares by capitalisation also posted gains, with only food processor Masan Group (MSN) closing off. Decliners pipped advancers by 110-109 overall.

Lacking support from blue chips, shares eased on the Ha Noi Stock Exchange, with the HNX-Index closing down by 0.2 per cent to 60.47. Both value and volume slumped by over 20 per cent, with trades totalling VND238.2 billion ($11.3 million) on a volume of 30.6 million shares. Losers outnumbered gainers by 147-95.

Bao Viet Securities Co analyst Pham Tien Dung also said some stocks had experienced gains of 15-20 per cent and current prices were advantageous for institutional investors to cash out their investments.

"Their potential sales are a huge barrier to this short-term rally," Dung wrote in a report. "Short-term money is also not interested in the market at this time so prices will hardly be able to travel far."

Foreign investors remained net buyers on both exchanges yesterday, responsible for a combined net buy of VND54.6 billion ($2.6 million) worth of shares. — VNS

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