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VietNamNews

Market rallies on long-term hopes

Update: February, 24/2012 - 08:51

HA NOI — The VN-Index added another 1.3 per cent in value to end yesterday's session at 423.89 points. The value of trades on the HCM City Stock Exchange also rose by 30 per cent over Wednesday's level to VND960.8 billion (US$45.7 million), while volume reached 67.4 million shares.

Advancers outnumbered decliners by 198-50, while the VN30, which tracks the country's 30 best stocks, also edged up by 1.15 per cent to 476.40 points.

Of the 10 leading shares by capitalisation, real estate developer Hoang Anh Gia Lai (HAG) hit its ceiling price of VND27,600 per share, while Sacombank (STB) – beset by takeover rumours – was the only leading stock to lose value, retreating by 1.6 per cent.

Military Bank (MBB) was the most-active code on the southern bourse with nearly 5.8 million shares changing hands, but the most-active share nationwide was Habubank (HBB), with 13.3 million traded on the Ha Noi Stock Exchange. HBB has seen several sessions with volumes of over 10 million shares.

Total volume on the Ha Noi bourse yesterday reached 76.7 million shares, while the value of trades rose 12.5 per cent over the previous session to VND627.5 billion ($ 29.8 million). The HNX-Index closed up by 1.6 per cent to 66.78 points.

Standard Chartered Bank this week predicted that the nation's inflation would continue to decline this month and joined Dragon Capital and HSBC experts in projecting that the consumer price index (CPI) would return to single-digit levels in the second quarter.

Tran Thi Kim Cuong, head of the securities investment division of Canada's Manulife Financial Corporation's Viet Nam-based unit, told Bloomberg that Viet Nam's stock market, which has already gained 18 per cent since the beginning of this year, was considered the second-best performing in Asia and predicted that the VN-Index would climb as high as 516 points this year.

"The market this year is poised for more upside potential than downside," Cuong said.

However, Bao Viet Securities Co analyst Nguyen Xuan Binh gave a more cautious assessment. "As the market continues to heat up, we doubt its increasing momentum will be sustainable," Binh said.

Foreign investors yesterday picked up a combined net of around VND95.7 billion ($4.5 million) worth of shares on both stock exchanges. — VNS

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