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Stocks soar on petrol price cut

Update: December, 23/2014 - 09:31
HA NOI (VNS)  — Stocks rose steadily yesterday on the two exchanges following a record reduction in petrol prices. This is the 13th cut so far this year.

On the HCM Stock Exchange, the VN-Index advanced the most since mid-May, adding 2.76 per cent to close the session at 537.54 points.

The VN30, which tracks the top 30 shares by market value and liquidity, also jumped 2.97 per cent to end at 587.56 points.

Investors showed optimism following news of recovering global oil prices, a historic domestic fuel price cut and higher-than-expected GDP growth.

The number of gainers nearly tripled losers, led by blue chips.

PV Gas (GAS), the biggest stock in terms of market capitalisation, climbed almost 6 per cent to VND72,000 (US$3.36). Other major large-caps including Bao Viet Holdings (BVH), Sacombank (STB), PetroVietnam Drilling and Wells Service Corp (PVD) and Hoa Phat Group (HPG) also hit their ceiling prices.

However, market liquidity was only half of Friday's level, totalling just 99 million shares, while value declined 40 per cent to VND2.3 trillion ($107.5 million).

FLC Group (FLC) was the most active stock with 5.8 million shares changing hands, finishing up 3 per cent to end at VND10,400.

According to analysts, constant declines had provided the opportunity for a second wave this year after the East Sea crisis.

On the Ha Noi Stock Exchange, the HNX-Index rose 1.51 per cent to finish at 82.55 points, as advancers outnumbered decliners by 143-56. 147 codes closed unchanged.

The HNX30 which tracks performance of the top 30 stocks here by liquidity also gained 2.26 per cent to settle at 161.09 points.

However, liquidity was low with just 41.4 million shares worth VND558 billion ($26.1 million) traded by the end of the session, down 30 per cent in both market volume and value compared with Friday.

KLF Joint Venture Global Investment (KLF) was the most active code with 8.4 million shares traded, rising 0.85 per cent to finish at VND11,800.

Foreign investors also returned as net buyers in the two markets, picking up a combined VND173 billion ($8.1 million) worth of shares, the highest value since August 30. — VNS

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