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Stocks rally in City, stall in Ha Noi

Update: February, 04/2012 - 09:06

 

A Military Bank branch in Ha Noi's Tu Liem District. The Military Bank saw the most active trade in shares on the southern bourse, with over 4 million units changing hands. — VNS File Photo
HA NOI — Stocks on the HCM City Stock Exchange managed to close in positive territory yesterday, but shares plunged on the Ha Noi bourse due to heavy profit-taking.

In HCM City, the VN-Index rose by as much as 0.03 per cent early in the session but declined again gradually before closing essentially unchanged at 401.74 points.

The value of trades rose by over 35 per cent over the previous session to almost VND967 billion (US$46 million), while volume climbed nearly 56 per cent to over 68.5 million shares.

Shares were mixed, with 151 out of 293 codes losing value. Among blue chips, real estate developer Hoang Anh Gia Lai (HAG) continued its seven-day winning streak by hitting its ceiling price, while dairy giant Vinamilk (VNM), Phu My Fertilisers (DPM), software producer FPT, and Sacombank (STB) all lost value.

Military Bank (MBB) was the most-active share on the southern bourse with over 4 million changing hands. MBB closed up 1.6 per cent to VND12,800 per share.

The VN-Index has already risen by over 19 per cent in a month and seen five consecutive winning sessions. "The rally trend is incredible," an analyst with FPT Securities Co wrote in a report.

The market was supported by positive economic news and earnings data, he said. Many companies had reported earnings that exceeded expectations, and the sustained uptrend on global markets had also given a boost to local sentiment, he said.

Other analysts, however, have warned of a likely downward adjustment in the coming sessions as the pressure to take short-term profits increases.

The pattern seemed to play out in Ha Noi yesterday, where the HNX-Index lost 1.15 per cent to end the session at 61.85 points.

Heavy profit-taking pushed volume up 76 per cent to 57.5 million shares while transaction value soared 63 per cent to over VND441 billion ($21 million).

But losers outnumbered gainers by 164-104, and many speculative shares declined, including Kim Long Securities Co (KLS), down 3.2 per cent; VNDirect Securities (VND), off 1.3 per cent; Bao Viet Securities (BVS), down 1.9 per cent; and Viet Hai Shipping and Real Properties Co (VSP), down 5.3 per cent.

PetroVietnam Construction (PVX) continued to be the most-active share nationwide on a volume of nearly seven million. PVX bucked the negative trend on the northern bourse to post a gain of 2.4 per cent, closing at VND8,400 per share.

Foreign investors increased their buys on both exchanges yesterday, picking up a combined net of over VND302 billion ($14.4 million) worth of shares. — VNS

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