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VietNamNews

City stocks continue rising trend

Update: April, 07/2012 - 08:27

HA NOI — HCM City stocks retained their increasing streak during yesterday's session, following the previous day's rumours that interest rates would be reduced.

"Although there hasn't been any official announcement, the rumours will still help boost trading," Bao Viet Securities Co analyst Nguyen Xuan Binh wrote in a Thursday note.

Meanwhile, deputy head of the State Bank of Viet Nam's Monetary Policy Department Do Thi Nhung said yesterday that interest rates would continue on the routine set before, decreasing by 1 percentage point in each quarter, the deposit rate targeting around 10 per cent by the end of the year.

"This information opens up opportunities for lending rates to be reduced to support businesses and, furthermore, the economy," noted Kim Eng Securities Co analysts. It should be noted that credit growth in the first quarter was 2.13 per cent negative, they added.

Despite the information, on the Ha Noi Stock Exchange, the HNX-Index reversed morning gains due to higher sell pressure, edging down nearly 0.2 per cent to 74.69 points.

Trading saw an increase of 8 per cent in value to VND845.9 billion (US$40.2 million) and 10.5 per cent in volume to 89.3 million shares.

The heaviest trades fell to Habubank (HBB) with 10.2 million shares exchanged. It tumbled 2.8 per cent to VND6,900 per share.

On the HCM City Stock Exchange, the VN-Index added 0.56 per cent to 447.44 points, while the VN30 rose 0.8 per cent to 511.51 points.

The value of trades soared 53.9 per cent compared to Thursday's level, hitting more than VND1.4 trillion ($66.6 million) on a volume of 91 million shares.

Real estate stocks had a well-performing morning, some reaching their ceiling prices, including Hoang Anh Gia Lai (HAG), Ocean Group (OGC) – two of the 30 leading shares by capitalisation and liquidity – and Hoang Quan Corp.

Meanwhile, the number of decliners increased as trading went to final minutes, with such blue chips as Petrovietnam Drilling Services Co (PVD), Vietinbank (CTG), Phu My Fertiliser (DPM) and steelmaker Hoa Phat retreating. — VNS

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