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VietNamNews

Bank shares, foreign buys lift market

Update: February, 28/2012 - 09:13

HA NOI — Nearly two-thirds of listed stocks posted gains on the nation's stock exchanges yesterday, lifting benchmark indices.

On the HCM City Stock Exchange, the VN-Index closed at nearly a five-month high of 428.41 points, a gain of 1.18 per cent over Friday.

Bank stocks continued to attract speculative investors. With today the ex-date for shareholders to participate in its 2011 dividend payout, Military Bank (MBB) became the most-active share on a volume of over five million yesterday, closing up 3.5 per cent to VND14,700 per share. MBB will pay a 3-per-cent cash dividend for the second half of 2011.

Ongoing rumours about the battle for control of the board of Sacombank (STB) between STB management and Eximbank (EIB) lifted STB shares to their ceiling price for a second consecutive session yesterday. Over 1.2 million shares of STB were traded while buy orders for another million couldn't be filled.

Advancers outnumbered decliners on the HCM City bourse yesterday by a margin of four-to-one, with fully half of all gaining shares hitting their ceiling prices. Many were blue chips, including Phu My Fertilisers (DPM), steemaker Hoa Phat (HPG) and real estate developer Hoang Anh Gia Lai (HAG) – helping lift the VN30 Index by 1.69 per cent to conclude the session at 485.85 points.

Among large-caps, only insurer Bao Viet Holdings (BVH) and real estate developer Vincom (VIC) bucked the trend, declining by 2.5 per cent and 1.8 per cent, respectively.

Buys also focused on low-priced stocks, with Binh Thuan Hamico Mineral (KSA) hitting the daily limit of 5 per cent for a 10th consecutive session, and Bac Giang Exploitable Mineral (BGM) topping out for a seventh successive session.

The overall value of trades in HCM City, however, dropped 15.6 per cent from Friday, totalling about VND931 billion (US$44.3 million) with 65.4 million shares changing hands.

On the Ha Noi Stock Exchange, the HNX-Index rose by 3.12 per cent to close yesterday at 69.16 points. Value fell by 7 per cent to just VND682.4 billion ($32.5 million) while the volume of trades decreased by 13 per cent to around 74.8 million shares.

Ha Noi Housing Bank (HBB) remained the most-active stock nationwide, with 10.4 million traded before it closed at its ceiling price of VND5,500.

Market conditions were good with positive support from foreign buyers over the past week, helping maintain high volumes and values, PetroVietnam Securities Co analysts wrote in a report.

"However, with such rapid growth, the market will likely see a strong and sudden downward correction in the next few sessions," they warned.

Foreign investors continued as net buyers on both exchanges yesterday, picking up shares worth a combined net of VND18.5 billion ($882,000). — VNS

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