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Shares up on higher volumes

Update: July, 20/2012 - 09:24

HA NOI — Stocks advanced yesterday on both national stock exchanges on improved trading, led by blue chips.

On the HCM City Stock Exchange, the VN-Index rose for the third straight day, closing yesterday up 2.28 per cent at 428.38 points, as advancers outnumbered decliners by 224-30.

The VN30 Index tracking the top 30 shares by market capitalisation and liquidity also increased by 1.72 per cent to stand at over 502.06 points.

Amongst these 30 shares, 28 climbed, of which 11 hit their daily limit rise of 5 per cent, including Bao Viet Holdings (BVH), property developer Hoang Anh Gia Lai (HAG), Becamex Infrastructure Development (IJC) and Phu My Fertiliser (DPM). Two closed unchanged and no shares declined.

Shares of Sacombank Securities Co (SBS) were unloaded heavily yesterday, following news that the HCM City exchange on Wednesday decided to limit trade of SBS shares from July 23, with the firm's shares only allowed to trade in the last 15 minutes of every session. With 9 million of the shares changing hands, they became the most active code on the HCM City bourse yesterday, ending down 2.94 per cent at just VND3,300 (US$0.16) a share.

Increased buying pushed the total trading value to nearly VND1.26 trillion ($60 million), up 60 per cent from a day earlier, while volume of trades surged 72 per cent to nearly 85 million shares.

On the Ha Noi Stock Exchange, the HNX-Index also climbed 2.67 per cent to finish at 72.93 points, on a total turnover of VND635.3 billion ($30.3 million), up 72 per cent from Wednesday's level.

Twenty-nine of the top 30 shares gained value, of which 18 soared to the ceiling prices, pushing the HNX30 up 4.23 per cent to 140.33 points.

Advancers edged decliners up six-to-one overall.

PetroVietnam Construction (PVX) was the most active code nationwide with 11.4 million shares changing hands, rising 6.5 per cent to VND9,800 ($0.47).

"The confidence of buyers improved in recent sessions so we think that stock prices could reverse their downside direction if trading activities continue to be energised," said Nguyen Xuan Binh, an analyst from Bao Viet Securities Co.

Finance Minister Vuong Dinh Hue predicted Viet Nam's stock market may rise from the end of the current quarter as economic growth recovers and boosts corporate earnings.

Foreign investors remained net buyers on both exchanges, picking up combined shares worth VND17.5 billion ($833,000). — VNS

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