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VietNamNews

VN bourses off to positive start

Update: November, 04/2014 - 08:26
An investor follows market fluctuations. — VNS Photo Truong Vi

HA NOI (VNS) — Shares in the two Vietnamese bourses added value on the very first trading day of November yesterday.

Last month, the VN-Index was down by 1.4 per cent, trading volume declined by 16 per cent, and foreign investors sold a net value of VND1.1 trillion (US$51.8 million).

But VietDragon Securities predicted the scenario would change in November. Since foreign investors have returned to net purchasing, the company expected them to end their selling streak.

In addition, VietDragon Security also predicted that the economy would stabilise and enable businesses to confidently set their targets.

Last October, the Purchasing Managers' Index for Viet Nam stood at 51 points, a slight decrease from the 51.7 points in September but still signalling an overall improvement in operating conditions in the manufacturing sector, HSBC announced yesterday.

"Viet Nam is on a gradual path to economic recovery," commented Trinh Nguyen, the Asia economist at the bank. "The October PMI shows that the manufacturing sector continues to expand on higher export orders, highlighting the country's competitiveness in labour-intensive manufacturing." Nguyen expected the sector to continue growing on improved external demand.

At the HCM City Stock Exchange, the VN-Index gained by 2.31 points or 0.38 per cent to 603.15 points. Trading value stayed at its high level of nearly VND2.4 trillion (US$113.2 million) on a volume of 123.87 million shares.

The VN30 Index, composed of the bourse's 30 leading stocks in terms of capitalisation and liquidity, rose by 0.92 per cent to close at 644.64 points.

The blue chips ended mixed, but gainers prevailed. Steelmakers Hoa Phat and Hoa Sen joined Vietcombank and real estate giant Vingroup among the top earners in rising by 1.8 to 4.2 per cent.

Food processor Hung Vuong jumped by 3.1 per cent yesterday following its announcement of a 275-per cent growth in profits in the third quarter, hitting VND199.1 billion ($9.3 million). The company's profits for the first nine months of this year reached VND223.3 billion ($10.5 million), an increase of nearly 54 per cent.

At the Ha Noi Stock Exchange, the HNX-Index increased by 0.95 per cent to 88.87 points. Total turnover reached VND717.7 billion ($33.8 million) on a volume of about 47.8 million shares.

The HNX30 Index, representing the performance of Ha Noi's 30 largest stocks, climbed by 1.15 per cent to 177.44 points. Foreign investors ended up as net buyers with a total purchase of VND95.5 billion ($4.5 million). — VNS

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