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VietNamNews

Shares see-saw before closing up

Update: April, 18/2012 - 09:36
An investor makes a transaction at the offices of Vietnam Investment Securities Co. Stocks managed to post gains yesterday after fluctuations. — VNA/VNS Photo Hoang Lam
HA NOI — Stocks fluctuated during yesterday's trades on both of the nation's stock exchanges but managed to close up in the final minutes of trading.

On the HCM City Stock Exchange, the VN-Index added nearly 1 per cent over the prior day's close to end the session at 472.84 points. Over half of 197 advancers closed up by their daily ceiling limit of 5 per cent.

Market value hit VND2 trillion (US$95.2 million), up 47 per cent over Monday's level, as volume surpassed 118 million shares.

The VN30 Index edged up 0.9 per cent to close at 544.13 points, as slowing demand towards the end of the day caused many blue chips to dip into the red, with real estate developer Khang Dien House (KDH) and financial conglomerate Ocean Group (OGC) plunged to their floor prices.

Information appeared yesterday that Southern Bank would ask its shareholders for approval to list the bank's shares on the HCM City Stock Exchange.

On the Ha Noi Stock Exchange, profit-taking caused the HNX-Index to slide by around 0.6 per cent before concluding the session at 79.91. The value of trades jumped 20 per cent to VND1.2 trillion ($57 million) on a volume of 106 million shares.

Habubank (HBB) was the most-active share with over 11 million changing hands. It retreated by 2.8 per cent, ending trades at VND7,000 per share.

"Although trading could be mixed with some correction at technical resistance levels, we maintain a positive view about market trends," Bao Viet Securities Co analyst Nguyen Xuan Binh wrote in a note.

Rumours that this month's inflation rate would be lower than last month's had prompted new hopes that interest rates would further decline, commented Kim Eng Securities Co analysts.

Following the Bank for Investment and Development of Viet Nam, HDBank has reduced lending rates by up to 2 per cent for individual customers.

According to the State Bank of Viet Nam, credit at commercial banks as of last month had declined by 1.96 per cent since the end of last year.

Loans to non-encouraged sectors decreased from 11.02 per cent of overall lending by the end of last year to 10.77 per cent in late February. — VNS

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