|On the HCM Stock Exchange, the VN-Index increased 0.3 per cent to close the session at 594.6 points. It has risen almost 1 per cent in the last three sessions. — VNS Photo Doan Tung
HA NOI (VNS) — Shares rose for a third day yesterday after dairy producer Vinamilk said it will seek to sell its controlling government stake to foreign investors.
On the HCM Stock Exchange, the VN-Index increased 0.3 per cent to close the session at 594.6 points. It has risen almost 1 per cent in the last three sessions.
Shares of dairy producer Vinamilk (VNM) surged 4.7 per cent to a record high of VND111,000 (US$4.96) a share, the highest since the company debuted on the HCM City's exchange in 2006. It was the biggest driver of the VN-Index yesterday with a market weighting of 11.6 per cent.
The jump came after international media reported the company was willing to allow foreign investors to own up to 100 per cent of the firm if the government allows it. Foreign investment in the company is currently capped at 49 per cent by law.
Last week, the State Capital Investment Corporation, a government investment arm, revealed its intention to divest its entire 45.1-per-cent stake in Vinamilk, which was worth US$2.7 billion yesterday.
The overall market is positive as most important stock groups, such as real estate, construction, securities were performing well, said Nguyen Quoc Truong, an analyst at BIDV Securities Co.
"The ability to break the 600-point level could occur in the near future," Truong wrote in a report.
Seven of the top 10 most active stocks in the HCM City's market were real estate companies. Duc Long Gia Lai Group (DLG) was the most active, rising 6.8 per cent to close yesterday at VND7,900 ($0.35) a share.
Overall liquidity decreased from Friday's level with both market volume and value dropping around 20 per cent to about 108 million shares worth VND1.87 trillion ($83.5 million). These figures were also lower than the average of 139.5 million shares and VND2.4 trillion ($107 million) seen in October.
The HNX-Index on the smaller bourse in Ha Noi also edged up 0.2 per cent to close at 81.35 points, extending the winning run to four days in a row with a cumulative rise of nearly 1 per cent. — VNS