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VietNamNews

Blue chips help lift HCM indices

Update: February, 03/2012 - 10:10

 

Staff of Viet Nam Investment Securities Co assist clients to complete trades. —VNA/VNS Photo Hoang Lam
HA NOI — The benchmark VN-Index on the HCM City Stock Exchange passed 400 points yesterday, closing at 401.61, a 2.8 per cent rise over Wednesday.

Blue chips continued to lift the Index as six of the 10 leading shares by capitalisation hit their ceiling prices. Other stocks in the future benchmark index VN-30 also rose sharply, with many hitting the daily increase limit of 5 per cent, except Sacombank (STB) which lost 0.5 per cent to close at VND18,900 (US$0.9).

There were four times more gainers than losers.

Trading value on the southern bourse rose 8 per cent over the previous session to VND715.3 billion ($34 million), while the volume of trades increased 12 per cent to 44 million shares.

"Optimism (but with caution) is replacing the pessimism which prevailed at the end of last year. This is shown with the continued growth of many shares, pulling the indices on both floors up quickly," said Ha Noi-based independent analyst Pham Viet Hung.

Hung said many investors believed interest rates would fall in the second quarter, and while the gold and forex markets continued to be closely managed, along with the quiet real estate market, money would flow strongly back into the stock market.

"However, market value remained low on both exchanges which can be a barrier to confirming a sustainable uptrend," Hung cautioned.

On the Ha Noi Stock Exchange, the HNX-Index edged up nearly 3.5 per cent to finish yesterday at 62.57 points with 253 out of 393 codes posting gains.

Market value climbed 13.4 per cent over Wednesday's session, totalling VND270.4 billion ($12.87 million) on a volume of 32.7 million shares.

Kim Long Securities Co (KLS) was the most active stock with around 4.3 million shares changing hands. It reached its ceiling price of VND9,600 per share.

Foreign investors continued to pour money into Viet Nam's stock market as they picked up a combined net buy of VND30.7 billion ($1.5 million) worth of shares on both markets yesterday. — VNS

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