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VietNamNews

Petroleum helps buoy market

Update: February, 22/2012 - 11:34

HA NOI — Stocks reversed the previous day's losses on the nation's stock exchanges yesterday.

On the HCM City Stock Exchange, the VN-Index advanced by 1.8 per cent over Tuesday's trading to 418.41 points. Meanwhile, the VN30 also inched up nearly 1.9 per cent, reaching 470.97 points.

Advancers outnumbered decliners on the southern bourse by about four-to-one, but the value of trades fell by 6.5 per cent from Tuesday's level, totalling VND739.57 billion (US$35.2 million) on a volume of 54.9 million shares.

Major blue chips all gained or held their ground, while a number of subsidiaries of PetroVietnam hit their ceiling prices. The Ministry of Finance on Tuesday lowered import taxes on petrol from 4 per cent to 0 per cent, allowing petrol distributors to avoid hiking retail prices.

Shares of real estate developer Hoang Anh Gia Lai (HAG), steelmaker Hoa Phat (HPG) and financial conglomerate Ocean Group (OGC) also soared yesterday.

"If, in the next couple of sessions, a new group of shares appears to attract the interests of investors, the market won't decline," commented Bao Viet Securities Co analyst Pham Tien Dung.

On the Ha Noi Stock Exchange, the HNX-Index rose by 2.8 per cent over the previous day's close, concluding the session at 65.70 points. Gainers overwhelmed losers by a margin of 204-58.

A 12.7-per-cent decline in trading volume caused the value of trades to reach just VND557.6 billion ($26.5 million), about 86 per cent of Tuesday's level.

Habubank (HBB) became the most-active share nationwide, with nearly 12.7 million changing hands.

The northern exchange also confirmed yesterday that it would join the HCM City bourse in expanding trading sessions to afternoons, effective on March 5.

In addition, the current one-day settlement period (T+1) for put-through deals of 100,000 shares or more would be discontinued effective March 3, the State Securities Commission announced. — VNS

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