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HCM City stocks gain ground

Update: August, 14/2012 - 10:20

HA NOI — The benchmark VN-Index on the HCM City Stock Exchange added value by the end of yesterday's session after closing lower in the morning, with the afternoon's gains driven by blue chip rises.

The VN-Index recouped 0.14 per cent, closing yesterday at 426.17 points, with the value of trades totalling nearly VND451 billion (US$21.5 million), down 37 per cent from Friday's level.

Blue chips gained ground although decliners doubled advancers overall. Shares tracked by the VN30 climbed 0.47 per cent to nearly 509 points, led by dairy giant Vinamilk (VNM), Eximbank (EIB) and the Military Bank (EIB) with an average increase of 2 per cent for each code.

With over 2 million shares traded, Tay Bac Minerals Investment (KTB) was still the most active share, sinking 4.3 per cent to VND8,900 ($0.42) a share.

Meanwhile, shares on the Ha Noi Stock Exchange remained in the red by the end of the afternoon's session, with losers overwhelming gainers by 127-69. The HNX-Index fell 0.54 per cent to 69.96 points on a total turnover of VND308.4 billion ($14.7 million).

Habubank (HBB) was still the most active code on the Ha Noi bourse yesterday but demand for the shares decreased substantially from nearly 12 million shares traded on Friday to just 3.5 million shares traded yesterday. HBB closed flat at VND5,100 ($0.24) a share yesterday.

HBB will be delisted from the Ha Noi's exchange on August 17 and the shares will be swapped for shares of Sai Gon-Ha Noi Bank (SHB) by August 28. Investors holding HBB shares now will have to wait until September 29 to be able to trade these shares.

"Lacklustre trading persisted as investors found no catalyst for new buying," FPT Securities Co's analysts wrote on the company's website, noting the market sentiment had dampened as local media reported that petroleum retailers were asking for another hike in fuel prices.

Late in the afternoon, Petrolimex announced that it will increase the retail petrol price by VND1,100 per litre to VND23,300 ($1.10). This news is forecast to have a negative impact on investor psychology during today's trading.

Foreign investors concluded yesterday as net buyers on both exchanges, picking up combined shares worth over VND21 billion ($1 million). — VNS

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