Shares up on long expectations
|A punter at a Maybank Kim Eng Securities in HCM City. The VN-Index yesterday dropped 0.95 per cent to 466.63 points. — VNA/VNS Photo Hoang Hai
HA NOI (VNS)— Shares rebounded yesterday with the VN-Index adding 0.87 per cent to 470.68 points.
On the HCM City Stock Exchange, advancers overwhelmed decliners by 156-67.
Market value, however, dropped 40.3 per cent compared to the previous session to just VND473 billion (US$22.5 million), with 31.77 million shares changing hands.
Blue chips gained the most, with the VN30 tracking the southern exchange's 30 largest shares advancing nearly 1.2 per cent. Only Vinamilk (VNM) lost value, three codes closed unchanged while the rest finished the session higher.
On the Ha Noi Stock Exchange, the HNX-Index rose 1.4 per cent, reaching 61 points.
Gainers doubled losers, and around 45 per cent of the stocks remained at the same level as Thursday's trades.
Trading continued to decline to VND226.2 billion ($10.7 million) and trading volume reached 31.7 million shares.
The HNX30, composed of the capital city's top shares, enjoyed the highest rally of 2.27 per cent to 117.39 points.
Despite yesterday's gains, Sai Gon – Ha Noi Securities Co (SHS) said that the market would likely continue to decline in the first half of this month and recover by the end of the month with the benchmark indices concluding around current levels.
According to the brokerage, there was little supportive data. Corporate profits last year fell 6.95 per cent over the 2011 period. Excluding PetroVietnam Gas (GAS) profits, which grew by 65 per cent, total profits decreased by 14 per cent. "This reflects the ongoing trend of difficulties that enterprises face," SHS said.
In addition, the falling demand of foreign investors contributed to the shrinking of the market.
Meanwhile, SHS expected that the growth rate for this month's consumer price index (CPI) would reduce.
"Public investment spending will be boosted in March to promote production and business operations," the company stated. — VNS