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VietNamNews

Mixed opening for stock markets

Update: January, 05/2011 - 09:35

HA NOI — Viet Nam's stock markets opened the first trading day of the new year on a high note on the HCM City Stock Exchange, but the Ha Noi bourse registered a decline.

In HCM City, gains in value by Masan Group (MSN) and Bao Viet Holdings (BVH) helped lift the VN-Index by 0.27 per cent over last Friday to finish at 485.97 points.

While BVH climbed to its highest allowed trading band of 5 per cent, MSN also soared 4 per cent.

However, both market volume and value fell 50 per cent to almost 29.6 million shares worth just VND741.9 billion (US$35.3 million).

Hoang Thach Lan, head of MHB Securities Co's brokerage department, said many investors still strived to invest in the two shares with hopes of taking profits later when these shares continued to rise thanks to heavy buys by large domestic and foreign investors.

BVH and MSN were frequently the most active stocks among foreign investors last year, Lan noted.

"However, on the Vietnamese stock market, information is not rich and diverse as in other developed markets and the current market is likely to move sideways to await new supporting news," Lan said.

Advancers outnumbered decliners by 120-102.

Transport Engineering Construction and Business Investment Co 584 (NTB), on a volume of 1.89 million shares changing hands, became the most active stock on the southern bourse. It finished at the ceiling price of VND18,000 ($0.86).

In Ha Noi, the HNX-Index declined 0.74 per cent to close at 113.4.

The volume of yesterday's trade reduced by over 66 per cent to just 23 million shares worth VND459.1 billion ($21.9 million).

Losers outnumbered gainers by 154-120.

Most blue chips declined in value, except PetroVietnam Technical Services (PVS) and Kim Long Securities (KLS), with the latter being the most heavily-traded share nationwide on a volume of 2.14 million exchanged.

Analysts with Au Viet Securities Co said they expected the money would return to the market after the New Year holiday, but high inflation in the months before and after the Lunar New Year still seemed to concern many investors.

"This could be a barrier to the growth of the two benchmark stock indices," they wrote in a daily market report.

Foreign investors concluded yesterday as net buyers on both exchanges, picking up just 1.7 million shares worth a combined VND37 billion ($1.8 million). — VNS

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