HA NOI — Money returned to the stock market yesterday, lifting shares on both of the country's stock exchanges even as global stock markets tumbled.
"Economic news from China, the world's second largest economy, showed that the country's growth was slowing," said Vietcombank Securities Co analyst Vuong Minh Giang.
The news slowed the rise of domestic stocks and caused an uptick in profit-taking during the course of yesterday morning's session, Giang said. However, he predicted that an optimistic outlook would continue in upcoming sessions as first quarter earnings were anticipated and monthly inflation data to be released this week was expected to remain at a low level.
"Inflation is showing signs of easing and could reach single-digit levels on an annual basis by the end of the second quarter," predicted the head of research for Dragon Capital, Le Anh Tuan.
On the Ha Noi Stock Exchange, the HNX-Index closed up yesterday by 1.7 per cent to 75.66 points. The value of trades climbed 10.8 per cent over Tuesday's level to nearly VND1.1 trillion (US$52.3 million), and advancers outnumbered decliners by a substantial margin of 242-55. Habubank (HBB) continued to be the most-active share with 19.8 million traded.
Thanks to positive trading in securities stocks in Ha Noi and a low price level, Sacombank Securities Co (SBS) hit the daily increase limit of 5 per cent and enjoyed a buy surplus from the opening minutes of trading.
On the HCM City Stock Exchange, the VN-Index rose by 1.24 per cent to 445.77 points, and advancers accounted for two thirds of all listed stocks. Market value jumped 41 per cent over Tuesday's session to about VND1.4 trillion ($66.6 million). Volume reached 98.4 million shares. None of the 10 leading shares by capitalisation lost value, although, after loads of orders placed at its ceiling price early in the session, real estate developer Hoang Anh Gia Lai (HAG) finally closed at its reference price of VND29,100 per share. — VNS
The market will resume at 1.00 pm. – VNS