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Renewed investor confidence spurs rally

Update: December, 20/2013 - 08:57

On the HCM City Stock Exchange, the Vn-Index advanced 0.2 per cent to 506.28 points, as liquidity improved with the total trading value reaching VND1.392 trillion ($66.28 million) on the exchange of 111 million shares.—File Photo

HA NOI (VNS) — Shares finished higher yesterday on both national stock exchanges as investors welcomed the US Federal Reserve's (Fed) move to "taper" monthly bond buying by US$10 billion to $75 billion.

According to MB Securities, the Fed's tapering reflected a recovering US economy, which would have positive impacts on Viet Nam's economy, being a large trade partner. Fed tapering would also be good news for the Viet Nam stock market, in the long term, forecast MB Securities.

On the HCM City Stock Exchange, the Vn-Index advanced 0.2 per cent to 506.28 points, as liquidity improved with the total trading value reaching VND1.392 trillion ($66.28 million) on the exchange of 111 million shares.

Stock buyers also became more confident, although the domestic petrol price was increased on Wednesday.

Of the southern city's 30 top shares by capitalisation and liquidity, half managed to rise yesterday, in comparison to seven losers.

However, the overwhelming gainers, including Vinamilk (VNM), Hoa Phat Group (HPG), Ocean Group (OCG), Hoang Anh Gia Lai (HAG) and Vietcombank (VCB), failed to support the VN30-Index. The VN30-Index lost 0.13 per cent to 565.52 points.

PetroVietnam Drilling (PVD) lost VND1,500 ($0.07) to VND60,500 ($2.88) per share and Vingroup (VIC) lost VND1,000 ($0.047) to VND70,000 ($3.3) per share.

Other losers included big names such as insurance company Bao Viet Group (BVH), PetroVietnam Fertilisers and Chemicals (DPM), Kinh Do (KDC), Masan Group (MSN) and Sacombank (STB).

Overall, in the southern bourse, 164 stocks added value, while 59 lost.

Tan Tao (ITA) led the southern bourse, in terms of liquidity, with 9.6 million shares changing hands.

While on the Ha Noi Exchange, the HNX-Index climbed for the fifth straight day, closing yesterday 1.01 per cent higher to reach 67.62 points.

The HNXFF-Index, composed of stocks with a minimum free-float rate of 5 per cent, also rose by 1.07 per cent to 67.71 points.

Liquidity also improved in the northern bourse, with 71.11 million shares changing hands, with a total value of VND573.29 billion ($27.29 million).

Also, the HNX30-Index, tracking the capital city's 30 largest stocks, edged up 1.49 per cent to 129.05 points.

Lastly, foreign investors concluded yesterday as net sellers of VND88.42 billion ($4.21 million). — VNS

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