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VietNamNews

Stocks rise on growing confidence

Update: March, 27/2012 - 08:31

HA NOI — Stocks marched into the week with benchmark indices on both of the nation's stock exchanges gaining value yesterday on strong investor confidence.

Investor psychology further improved after Prime Minister Nguyen Tan Dung yesterday estimated first-quarter growth at 4 per cent. Inflation in March of just 0.16 per cent also suggested that the nation was on pace to achieve single-digit inflation this year, Dung said.

On the HCM City Stock Exchange yesterday, the VN-Index advanced by 1.14 per cent, ending the afternoon session at 459.26 points. Both value and volume of trades increased by around 6 per cent, totalling nearly VND1.2 trillion (US$61.4 million) on a volume of 94 million shares.

Trading among the market's leading shares was mixed, however, causing the VN30 Index – which tracks the 30 top shares by capitalisation and liquidity – to fall behind the pace set by the VN-Index. The VN30 ended the session at 517.27 points, an increase of 0.86 per cent.

Overall, gainers outnumbered losers by 185-68, with 51 codes closing unchanged. Of the gainers, 104 rose to their ceiling prices.

Petroleum stocks led the rise, following the announcment by PetroVietnam that it would introduce the PVN-Index in May to measure the performance of its affiliated companies listed on both stock exchanges, as well as on the unlisted public company market (UPCoM).

Petrovietnam Transportation (PVT), Petroleum Industrial and Civil Construction (PXI), Idico-Petroleum Trading Contruction Investment (PXL) and Mien Trung Petroleum Construction (PXM) in HCM City, and PetroVietnam-Nghe An Construction (PVA) and PetroVietnam Drilling Mud (PVC) in Ha Noi all soared on the news, with many sell orders yesterday left unfilled.

On the Ha Noi Stock Exchange, the HNX-Index retreated a little from morning gains, closing yesterday at 77.72, an increase of just 0.19 per cent over the prior session.

Advancers outnumbered declines by 268-56, and 167 codes hit the ceiling, but the value and volume of trades each fell by around 12 per cent, totalling VND982 billion ($46.8 million) on a volume of 99 million shares.

Speculative capital continued to flow into Habubank (HBB), pushing volume in the share to nearly 14 million, but HBB lost 1.3 per cent on the day to close at VND7,500 per share.

The Ha Noi Stock Exchange yesterday formally adopted a new reference price basis, under which the reference price for the following day will be calculated by the weighted average prices in the last 15 minutes of the previous trading day. This new method is expected to make it easy for speculators to push up share prices in the closing minutes of trading regardless of their performance in the session overall.

Foreign investors continued to pour money in Viet Nam's stock market, concluding another session as net buyers yesterday. They picked up shares on both exchanges worth a combined net of VND100 billion ($4.8 million). — VNS

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