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VietNamNews

Blue chips lead modest rebound

Update: September, 13/2012 - 12:32

HA NOI - (VNS) A rebound driven by many blue chips during the end of yesterday's session buoyed the VN-Index.

On the HCM City Stock Exchange, the VN-Index surpassed 391 points, up 0.78 per cent from Wednesday's close.

Trading also improved as more than 37 million shares, worth more than VND703.9 billion (US$33.5 million), changed hands, up 80 per cent in value over the previous session. However, half of total value was traded through negotiations, led by whopping trades of shares in the two property developers Hoang Anh Gia Lai (HAG) and VinGroup (VIC).

More than 4 million HAG shares worth VND100 billion ($4.8 million) and 2.5 million VIC shares worth VND171 billion ($8.1 million) were traded during the afternoon.

Seven of the top 30 shares by market capitalisation and liquidity climbed, pushing the VN30 Index up 0.47 per cent to 456.11 points. Among gainers, insurer Bao Viet Holdings (BVH), HAG and financial group Ocean Group (OGC) all hit the ceiling price.

"It is likely that several blue chips will receive strong demand from foreign investors as some ETFs (exchange traded funds) will review their portfolios at the end of next week," wrote Pham Tien Dung, a stock analyst of Bao Viet Securities Co, in a research note.

Dung said if demand for these shares was maintained, differentiation may occur as most other stocks were unlikely to attract local investors, many of whom were still very cautious.

Foreign investors were net buyers on both bourses yesterday, picking up combined shares worth more than VND32 billion ($1.5 million).

Tan Tao Investment Industry (ITA) was still the most active share on the southern bourse with 2.2 million shares changing hands. ITA fell for a fourth straight day, closing 2 per cent off at just VND5,000 a share.

The HNX-Index on the Ha Noi Stock Exchange also rebounded by the end of yesterday, ending up 1.2 per cent at 58.11 points on a total value of almost VND180 billion ($8.6 million).

Advancers outnumbered decliners by 142-63.

PetroVietnam Construction (PVX) was again the most active stock with total trades of 4 million shares, closing flat at VND5,200 a share. — VNS

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