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VietNamNews

Stocks buoyed by last-minute trades

Update: December, 14/2012 - 09:32

HA NOI (VNS)– More money poured into speculative stocks on the H Noi Stock Exchange yesterday afternoon, rescuing the HNX-Index from a fall, but slowing trade on the HCM City bourse made the VN-Index close nearly in the red.

The HNX-Index rose 0.41 per cent to close at 54.08 points after falling to 53.60 points in the morning.

Speculative shares attracted eager investors. More than 16.6 million shares of Si Gin-H Noi Bank (SHB) changed hands, making it the most active stock, followed by property developer Sacomreal (SCR), which saw 8.4 million shares traded. SHB jumped 3.9 per cent to VND5,400 a share but SCR slid 1.8 per cent to VND5,400.

VNDirect Securities (VND) and PetroVietnam Construction each saw 2.5-2.8 million shares traded. Both shares closed flat.

Both the volume and value of trades increased 10 per cent, adding up to 62.6 million shares worth VND341.6 billion (US$16.3 million).

Strong cash flow into the market cemented investors' confidence. "More money will be pumped into the market when investment alternatives, like deposit rates, get lower," analysts at FPT Securities Co wrote in a report published yesterday.

On the HCM City Stock Exchange, sales for profit stemming from the three-day rising streak dragged the market down, but late buying drove shares above the neutral line.

The VN-Index went up by only 0.03 per cent to finish at 391.19 points on a reduced turnover of just over VND473 billion ($22.6 million), down 10 per cent from Wednesday's level.

Half of the top 30 shares on the bourse declined, but a few saw encouraging rises - Bao Viet Holdings (BVH), up 3.9 per cent, real estate firm Hong Anh Gia Lai (HAG), up 2.9 per cent and Vietinbank (CTG), up 2 per cent - helping the VN30 close slightly above the neutral line at 457.83 points.

Tn Tao Investment Industry (ITA) continued to be the most active stock on trades of 2.5 million shares, shedding 2.4 per cent to close at VND4,100 a share.

Both stock indices surpassed their short-term resistance levels - 390 points for the VN-Index and 53 points for the HNX-Index. According to analysts at BIDV Securities Co, the next resistance levels - 400 points and 56 points - are considered quite strong and both indices have failed many times to reach them. — VNS

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