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HCM City stocks bounce back with help from Vinamilk, PetroVietnam

Update: October, 09/2014 - 08:52
The benchmark VN-Index rose by 0.52 per cent to 617.26 points.— Photo cafef.vn
HA NOI  (VNS) — Shares on the HCM City Stock Exchange rebounded yesterday after Tuesday's losses and received a boost from major blue chips such as Vinamilk (VNM) and PetroVietnam Gas (GAS).

Vinamilk, listed in the ASEAN's Top 100 enterprises, increased by 3.8 per cent while GAS advanced by 1.9 per cent, joining other subsidiaries of oil giant PetroVietnam in posting gains as the conglomerate announced a VND36.5 trillion (US$1.7-billion) profit in the first nine months.

However, this group of stocks were recently seen to be rising too quickly, and it was predicted that high profits gained from them in upcoming sessions would taper off.

About a million shares were traded yesterday with transaction value hitting more than VND3.1 trillion ($146.2 million).

The benchmark VN-Index rose by 0.52 per cent to 617.26 points. Among the 30 large-cap stocks which the VN30 Index tracked, only six added value while 19 tumbled. The index posted 658.98 points, retreating by 0.03 per cent.

Le Duc Khanh, Maritime Bank Securities' head of investment strategy predicted that the VN-Index would break previous forecasts to reach 700 points.

"Liquidity remains high on both exchanges, showing new flows of domestic and foreign capital are increasing," Khanh said. He added that economic improvements and the introduction of new products such as the first domestic exchange-traded fund encouraged investors to hold shares.

"If the Trans-Pacific Partnership is reached, import-export companies, especially those in the footwear, textile and processing industries, will benefit the most," Khanh noted. He cited two textile companies: Thanh Cong (TCM) and TNG Investment and Trading (TNG).

On the Ha Noi Stock Exchange, the HNX-Index ended at 91.21 points, a 0.04-per cent increase. Trading value remained stable at VND1.15 trillion ($54.2 million) on a volume of 82.46 million shares. However, the Ha Noi bourse's blue chips sent the HNX30 Index 0.52 per cent lower to 185.79 points. — VNS


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