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VN-Index up for third straight day

Update: June, 08/2012 - 09:06
Investors monitor electronic board at the An Binh Securities. — VNS Photo Truong Vi
HA NOI — Shares rose for a third straight day yesterday on the HCM City Stock Exchange despite reduced market volume and value.

Advancers overwhelmed decliners by 235-30, in line with another rise of 1.88 per cent of the benchmark VN-Index which closed yesterday's session at 434.41 points.

Blue chips soared, with 23 of the top 30 shares by market value and liquidity rising while only three sank and four closed unchanged. The VN30 Index measuring the performance of these 30 shares also edged up by over 1 per cent to 509.41.

Many shares hit the one-day limit rise of 5 per cent, including heavyweight stocks such as PV Gas (GAS), insurer Bao Viet Holdings (BVH), financial Ocean Group (OGC), property developer Quoc Cuong Gia Lai (QCG) and Sacombank Securities Co (SBS).

However, market value continued to fall by 35 per cent over Wednesday's level, reaching just nearly VND1.14 trillion (US$54.3 million) on a total volume of 71.3 million shares.

"Rallies without improved liquidity are not a reliable signals for a reversal of the trend. However, the market showed an increased demand for cheap shares," stocks analysts of Sai Gon-Ha Noi Securities Co (SHS) wrote in a research note.

While many investors worried the depreciation of the Vietnamese dong could encourage foreign investors to withdraw their investments in the face of the eurozone instability, SHS analysts believed continuous decreases of interest rates in the recent time were the main reason for the downward pressure on the dong.

"On the other hand, the global ratings agency S&P revised Viet Nam's outlook from negative to stable, citing the Government's successful drive to bring down sky-high inflation. This is a positive assessment of foreigners for the domestic macroeconomic situation," they wrote.

Yesterday afternoon, fuel prices were cut down again, by VND700-800 per litre, which is the third time in just one month. Taxation on fuel imports also increased by 3 per cent all around.

On the Ha Noi exchange, the HNX-Index also climbed 2.83 per cent to close yesterday at 75.87 points. Market volume increased 40 per cent from a day earlier to 74 million shares worth VND740 billion ($35.2 million).

PetroVietnam Construction (PVX) was the most active nationwide on a whopping trade of 12 million shares, surging 6.19 per cent to close at VND10,300 ($0.49).

Foreigners were still net sellers on the HCM City exchange yesterday with a net sell of over VND118 billion ($5.6 million) worth of shares, but they turned to be net buyers on the Ha Noi market, picking up shares worth over VND8 billion ($400,000). — VNS

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