Wednesday, October 18 2017

VietNamNews

Bank shares lead market rise

Update: December, 13/2012 - 09:10
HA NOI (VNS)–End of year asset assessments by financial institutions are believed to have lifted the current market. Shares closed in green on both exchanges yesterday despite low openings.

The VN-Index extended gains to a third straight day on the HCM City Stock Exchange, adding another 0.44 per cent to close at 391.08 points.

Advancers overwhelmed decliners by 174-39, led by blue chips. The VN30 tracking the top 30 shares on the bourse was up 0.38 per cent to 457.64 points.

Three members of the VN30 also had the most active shares on the southern exchange, with Tan Tao Investment Industry (ITA) seeing 2.67 million shares traded; PetroVietnam Finance (PVF), 1.97 million shares; and Saigon Securities Inc (SSI), 1.9 million shares.

All of three shares jumped in value, led by a 4.14 per cent rise of SSI, a 2.44 per cent increase of ITA and a 1.33 per cent rise of PVF.

Total trading volume rose 17 per cent over Tuesday's level, reaching 47.2 million shares, but value of trades declined 10 per cent to nearly VND524 billion (US$25 million).

Money was also poured into mid-cap shares. Construction company Licogi 16 (LCG) had more than 2.2 million of its shares exchanged, followed by Idico - Petroleum Trading Construction Investment (PXL), Petro Capital Infrastructure Investment (PTL) and mining company Tai Nguyen Corp (TNT). Each reported more than one million shares traded.

The market saw increasing trades in both blue chips and speculative stocks. This development is believed to stem from the regular activities of booking net asset values (NAVs) of financial institutions (funds, securities firms and banks), according to analysts at FCL Securities Co.

The scenario of end-of-year speculation is likely to be repeated this year, FCLS analysts said, noting the VN-Index had risen 3.3 per cent and the HNX-Index had climbed 4 per cent since November 25.

"If scenarios of the previous years are followed, this uptrend could last at least 14 days with a profitability ratio of about 10 per cent."

On the Ha Noi Stock Exchange, the HNX-Index jumped 2.16 per cent to finish yesterday's session at 53.86 points on an improved turnover of nearly VND320.2 billion ($15.3 million).

Sai Gon-Ha Noi Bank (SHB) witnessed surprisingly increased trades in the afternoon with nearly 14 million shares exchanged, becoming the most active stock. SHB soared more than 6 per cent to VND5,200 a share. — VNS

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