HA NOI (VNS) — Viet Nam's stock market rose strongly yesterday, driven by a robust increase in the world stock markets. This follows the US Federal Reserve's decision late on Thursday to launch an aggressive stimulus programme.
|Observers watch the stock exchange trading floor of Asia Commercial Bank. The market rose strongly yesterday. — VNS Photo Truong Vi
"The anticipated adoption of QE3 (quantitative easing) buoyed global markets, including Viet Nam, which normally has little correlation to the rest of the world," FPT Securities Co's analysts wrote in a report on the company's website.
"However, liquidity remained poor because some investors doubted the effect of external factors on the performance of the Vietnamese market," they wrote.
On the HCM City Stock Exchange, the VN-Index rose on the third day, gaining another 1.92 per cent to close yesterday's session at 398.87 points. Trading value was down 4 per cent from a day earlier, however, totalling almost VND676 billion (US$32.2 million).
Many blue chips soared to the ceiling price, including insurer Bao Viet Holdings (BVH), Vietinbank (CTG), financial conglomerate Ocean Group (OGC) and PetroVietnam Finance (PVF), while others also posted strong gains.
The VN30 tracking the top 30 shares by market capitalisation and liquidity was also up 1.71 per cent to stand at 463.90 points.
More than 2.6 million shares of the Tan Tao Investment Industry Corp (ITA) were traded by the end of yesterday's session, making it the most active stock for four days in a row on the HCM City exchange. ITA closed up 4 per cent at VND5,200 a share, ending a four-day decline.
On the Ha Noi Stock Exchange, the HNX-Index also jumped 1.93 per cent to end yesterday at 59.23 points with a total turnover of VND257.7 billion ($12.3 million).
The HNX30 also increased 2.43 per cent to 111.33 points.
Market condition was positive with 203 codes rising, 47 declining and 142 closing unchanged.
Shares in the two security companies Kim Long and VNDirect were the most active with total trades of more than 3 million shares traded on each code. Both shares edged up over 2 per cent.
Foreign investors continued to be net buyers on both exchanges, picking up a combined VND25 billion ($1.2 million) worth of shares. — VNS