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VietNamNews

Shares rise on interest rate hopes

Update: December, 05/2012 - 09:04

HA NOI (VNS)- Stocks on the HCM City Stock Exchange finally succeeded in holding gains after a topsy-turvy session yesterday which saw the VN-Index close at 382.10 points, an increase of 0.75 per cent over the previous session.

Trading value rose 17.8 per cent to VND382.3 billion (US18.2 million) as around 29.9 million shares changed hands.

Among nearly 140 advancers on the southern bourse, 14 were large-caps tracked by the VN30 Index. The VN30 rose by 0.5 per cent to conclude the session at 448.02 points. However, major stocks like Vietinbank (CTG), Phu My Fertilisers (DPM), PetroVietnam Drilling Services (PVD), property developer Vingroup (VIC) and Vinh Son-Song Hinh Hydropower (VSH) closed down between 0.7-1.6 per cent.

On the Ha Noi Stock Exchange, the HNX-Index added 0.88 per cent, reaching 51.49 points. The value of trades soared by 73 per cent to VND147.5 billion ($7 million) on a volume of 26.8 million shares.

The HNX30, representing the Ha Noi exchange's top stocks, also improved by 1.77 per cent to close at 94.01 points.

"The stock market had its strongest rebound in the past three weeks with improving liquidity," said BIDV Securities Co analyst Hoang Anh Tuan, predicting the shift would allow the market to attract more attention from investors.

Meanwhile, the market was waiting on a move from the State Bank of Viet Nam to further reduce interest rates. The National Financial Supervisory Committee said on Monday that economic conditions were ready for such a reduction, and ANZ Bank predicted interest rates would possibly decline by 1 per cent in coming months

Foreign investors were buyers in HCM City yesterday by a margin of VND24.6 billion ($1.1 million) but ended the day as sellers in Ha Noi by VND3.5 billion ($166,600). — VNS

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