HA NOI — Shares continued to build on last week's rally yesterday, with improved trading value on both of the nation's stock exchanges – even as other markets in the region sank on last Friday's news that international credit ratings agency Standard & Poor's (S&P) had downgraded a number of European nations due to the ongoing eurozone debt crisis.
|An investor at Bao Viet Securities.Foreign investors were net buyers on both bourses yesterday, picking a combined net of VND44 billion ($2.1 million) worth of shares. — VNS Photo Viet Thanh
On the HCM City bourse, with 165 winners out of 280 codes, the VN-Index added 1 per cent over the previous Friday's session to reach 357.87 points. The value of trades nearly doubled Friday's level, hitting VND842.4 billion (US$40 million) on a volume of 29.4 million shares.
Although most blue chips performed well, with food processor Masan Group (MSN) reaching its ceiling price, insurer Bao Viet Holdings (BVH), Eximbank (EIB) and real estate developer Vincom (VIC) tumbled between 1.6-2.9 per cent. BVH announced late last week that last year's earnings were estimated at around VND15.5 trillion ($740 million), an increase of 20.7 per cent over 2010, while profits were expected to reach roughly VND989 billion ($47 million), an gain of 22 per cent.
Saigon Securities Inc (SSI) was the most-active share in HCM City with over 1.5 million traded. It gained a solid 2.9 per cent in value before the close.
On the Ha Noi Stock Exchange, the HNX-Index rose by 1.3 per cent to conclude the session at 57.00 points. Market value climbed 23 per cent to VND194.4 billion ($9.26 million) on a volume of 25.9 million shares.
With 3.16 million shares exchanged, Kim Long Securities Co (KLS) became the most-active share nationwide.
Shares of PetroVietnam Engineering Co (PVE) rose 2.1 per cent on news reported yesterday that the company had sold a 10-per-cent stake to its strategic partner, French oil and gas group Technip. The shares were purchased at VND14,500 per share, while PVE concluded trading yesterday at a price of only VND9,600.
ACB Securities Co analyst Cao Tan Phat discouraged investors from buying at this time. The approval of a proposed scheme for restructuring securities companies would not have any immediate effects on the market, he said, warning that global oil prices could spike due to tensions between the US and Iran.
Foreign investors were net buyers on both bourses yesterday, picking a combined net of VND44 billion ($2.1 million) worth of shares. — VNS