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VietNamNews

Blue chips lead City recovery

Update: March, 29/2012 - 09:17

 

Investors monitor market movements at ACB Securities Co. The market rebounded yesterday after Tuesday's fall. — VNS Photo Truong Vi
HA NOI — Stocks on the HCM City Stock Exchange edged up on late buying yesterday afternoon, led by a recovery in blue chips.

The benchmark VN-Index regained over 2 points from the morning's loss to close yesterday up 0.09 per cent to 446.32. The volume of trades decreased 32 per cent from the previous session, however, totalling 82 million shares. The value of trades topped VND1.4 trillion (US$67 million), while advancers pipped decliners overall by 116-107.

Twelve codes saw trading volumes in excess of a million, most of which were banking, securities company, construction and mining shares. Sacombank Securities (SBS) was the most-active share, with 7.2 million changing hands.

Twenty of the 30 leading shares by capitalisation and liquidity rallied while only seven declined, helping lift the VN30 Index by 0.42 per cent to a close of 504.54.

FPT Securities Co analysts said investors had increased buying following Tuesday's correction on fears of missing the chance of picking up cheap shares. "The correction was momentary and technical," they said on the company's website. "Rallying is the major trend."

Stocks were sold off on Tuesday due to rumours that State agencies might begin inspections of margin trading activities in securities companies, according to HCM Securities Co analysts. Regulations required margins to be kept below 40 per cent, and brokerages are not allowed to provide loans in excess of 5 per cent of the company's total charter capital.

On the Ha Noi Stock Exchange, the HNX-Index also reversed the morning's losses, finishing up by 0.77 per cent to 75.53 points, with gainers outnumbering losers by 167-90.

The value of trades on the northern bourse dropped 19 per cent from Tuesday, totalling VND947.6 billion ($45.1 million), while the volume of trades fell 15 per cent to about 105 million shares.

Habubank (HBB) continued as the most-active share on a volume of 15.45 million.

Foreign investors increased their buys shaprly yesterday, picking up a combined VND436.5 billion ($20.8 million) worth of shares on both exchanges. — VNS

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