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ADB revises growth estimate

Update: September, 26/2014 - 08:13

The Asian Development Bank (ADB) trimmed its estimate of Viet Nam's growth by 0.1 per cent to 5.5 per cent this year. Shares bounced back on September 25 even though the economic outlook was revised. — Photo khampha.vn

HA NOI (VNS) — Shares bounced back yesterday even though the economic outlook was revised.

Based on the economic operations during the first eight months of this year, the Asian Development Bank (ADB) trimmed its estimate of Viet Nam's growth by 0.1 per cent to 5.5 per cent this year and 5.7 per cent in 2015.

The VN-Index on the HCM City Stock Exchange halted its eight-day-long decline by adding 0.25 per cent to close at 605.10 points.

The trading value remained almost the same as on Wednesday, at VND2.77 trillion (US$130.6 million), on a volume of 135.8 million shares.

However, the VN30 Index lost 0.27 per cent to end at 653.39 points, dragged down by property developer Vingroup (VIC) which hit the daily loss limit. Meanwhile, more than half of the stocks tracked by the index posted gains. The top gainer was PetroVietnam Transportation (PVT) with a six per cent rise. Da Nang Rubber (DRC) and Casumina Rubber (CSM) came next, adding five and three per cent respectively.

On the Ha Noi Stock Exchange, the HNX Index enjoyed a one per cent increase to reach 88.65 points.

If all other indexes fell in the morning, they bounced back at the close of yesterday's session, with the HNX30 Index rising 1.54 per cent to stand at 182.34 points.

The transaction value totalled VND1 trillion ($47.1 million) as 70.3 million shares changed hands.

Foreign investors pushed up their net-selling value by six times to VND395.4 billion ($18.6 million) in HCM City, while they bought a net VND15.5 billion ($731,000).

According to Ocean Securities, the losses suffered in the previous sessions were mainly caused by some large-cap stocks, namely PetroVietnam Gas (GAS), VIC and Vinamilk (VNM).

Meanwhile, FPT Securities analysts alleged that yesterday's rally was not stable. — VNS

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