Tuesday, December 6 2016

VietNamNews

Strong investment pushes shares up

Update: May, 22/2015 - 08:13

Investors watch market movements at MB Securities' trading floor in Ha Noi. — VNS Photo Truong Vi

HA NOI (VNS) — Increased buying power yesterday afternoon kept shares buoyant at the end of the session. The markets extended gains for the second day after seeing the biggest daily growth in many months on Wednesday.

On the HCM Stock Exchange, the VN-Index added another 0.45 per cent to close yesterday's session at 552.56 points and the VN30, which tracks the top 30 shares by market value and liquidity, added 1.1 per cent to end at 578.64 points.

News of a 6 cent-hike in fuel prices late on Wednesday had a negative impact on the morning session, but strong investment in the afternoon revived investor optimism.

Overall, the market condition was positive with 130 stocks rising, 81 falling and 92 going flat.

Oil and gas companies performed well with most shares - PetroVietnam Drilling and Wells Service (PVD), Petroleum Equipment Assembly & Metal Structure (PXS), PetroVietnam Technical Services (PVS), PetroVietnam Drilling Mud (PVC) and PetroViet Nam Coating (PVB) - expanding between 1.6-4.8 per cent.

Liquidity continued to grow with market volume climbing 20 per cent over Wednesday, totaling more than 112 million shares worth VND1.99 trillion (US$91.7 million), up 10 per cent over Wednesday's value.

FLC Group JSC (FLC) continued to attract investors, leading trades in the HCM City's market with almost 22 million shares. Its price soared 4 per cent to settle at VND10,400 a share.

The company reported a strong performance in the first quarter, seeing its net profit rise nearly 140 per cent over the same period last year, reaching VND83.5 billion ($3.8 million). FLC also announced it would pay 20 per cent dividends in the form of shares with a registration deadline on May 29.

On the Ha Noi Stock Exchange, the HNX-Index grew but slower than the southern bourse with only 0.46 per cent gains to finish the session at 79.71 points.

Market volume and value were als less than stellar, decreasing 20 per cent over Wednesday to total 50 million shares worth VND547 billion ($25.2 million).

KLF Joint Venture Global Investment Co (KLF) remained the most active stock with 7.6 million shares traded at an unchanged price of VND7,200 a share.

According to analysts at Bao Viet Securities Co, in addition to the positive news of the rebound, investors were encouraged by expectations that Decree 58 will go into effect soon, which would raise foreign holding limits.

"After an exciting rally, the market will likely face a ‘slump' in the next sessions," said a Bao Viet Securities analyst.

Foreign investors continued to buy local shares but at a slower pace. They picked up shares worth a combined VND72.25 billion ($3.3 million) in the two markets yesterday. — VNS



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