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VietNamNews

Banking shares help lift market

Update: February, 10/2012 - 10:07

 

Investors monitor share movements at the offices of SeaBank Securities Co. Stocks rose across the two bourses yesterday. — VNS Photo Truong Vi
HA NOI — Stocks gained slightly on the HCM City Stock Exchange yesterday, with the VN-Index edging up by 0.45 per cent over the previous day's session to close at 411.39 points.

The value of trades jumped 20.8 to a total of VND771.5 billion (US$36.7 million), while volume rose by 15.5 per cent to 51.5 million shares.

Of the 10 leading shares by capitalisation, Sacombank (STB) hit its ceiling price, while Eximbank (EIB), software giant FPT, food processor Masan Group (MSN) and Vinamilk (VNM) all posted gains. Others in this group lost value or closed unchanged.

The four-day-old VN30 index, which tracks movements of a basket of leading shares, added 0.8 per cent to close at 464.73. The 30 stocks accounted for VND365.5 billion ($17.4 million) worth of the day's volume. Three banking stocks – Military Bank (MBB), EIB and STB – were most favoured by investors, each with 3.8 to 4.1 million shares exchanged.

On the Ha Noi Stock Exchange, the HNX-Index edged up 0.13 per cent, concluding the session at 63.82 points. Profit-taking boosted volume by 37.6 per cent to 56.4 million shares, while value reached VND444.3 billion ($21 million).

Habubank (HBB) emerged as the most-active share nationwide with around 9.2 million traded.

The nine listed commercial banks on both bourses have all released their 2011 financial statements, showing profits up an average of 35 per cent from 2010. Deposits in these listed banks as of December 31 totalled over VND915 trillion ($43.57 billion), up 18 per cent over the previous year.

Notably, HBB was the only bank that profited from securities investments, reporting gains of over VND385 billion ($18.3 million). Its profits were comparable to the previous year's but it held the dubious honour of the highest rate of bad debts among the nine banks – 4.7 per cent.

But the allure of HBB shares to investors was their low price. Buy orders at VND5,000-10,000 per share occupied much of yesterday's session.

Foreign investors continued to be net buyers on both exchanges yesterday, picking a combined net of VND79 billion ($3.76 million) worth of shares. — VNS

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