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VietNamNews

Spending spree makes stocks soar

Update: March, 16/2012 - 09:35

HA NOI — The stock market exploded yesterday afternoon when investors poured more than VND3 trillion (US$142.9 million) into both the nation's exchanges, pushing many shares up to ceiling prices.

On the HCM City Stock Exchange, the benchmark VN-Index climbed 1.84 per cent to 441.85 points, extending its gains to three consecutive sessions.

With 26 of the 30 leading shares by market value and liquidity posting gains, of which 13 hit the daily limit rise of 5 per cent, the VN30 Index rose 1.09 per cent to close at 496.57 points.

Total market value doubled yesterday's level, reaching over VND1.67 trillion ($79.5 million), while the volume of trades increased over 78 per cent up to 105.7 million.

Sacombank (STB) beat Military Bank (MBB) in the afternoon session to become the most active stock in HCM City on trades of 7 million shares. STB closed up 4.48 per cent to VND23,300 ($1.11).

"Investor sentiment improved after local media reported the latest petroleum price rise of 10 per cent had little impact on consumer prices," a stock analyst of FPT Securities wrote on the company's website.

Risk appetites surged as the most daunting fears have faded away, he added.

Foreign investors yesterday bought 11.3 million shares of property developer Hoang Anh Gia Lai (HAG), worth VND316.8 billion ($15.1 million), despite Fitch Ratings downgrading the HAG's outlook from ‘stable' to ‘negative' due to effects caused by current stagnancy in local property sales.

They finished yesterday as net buyers on both bourses, picking up a combined VND664 billion ($31.6 million) worth of shares. According to HSBC, foreigners have poured $500 million into Viet Nam's stock markets from the beginning of this year based on the country's growth prospect and reduced inflation.

On the Ha Noi Stock Exchange, the HNX-Index soared 4.2 per cent after two consecutive falling sessions, concluding yesterday at 72.19.

The value of trades was double and a half that of yesterday, totalling VND1.48 trillion ($70.8 million) with nearly 125.9 million shares changing hands.

Investors continued to speculate on Habubank (HBB) shares, pushing its volume of trades to 26 million. HBB's share price remained unchanged at an average of VND6,200 a pop. — VNS

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