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Stocks rebound on both exchanges as volumes slow

Update: February, 18/2012 - 09:50

HA NOI — Advancers outnumberd decliners by a four-to-one margin on the HCM City Stock Exchange yesterday, pushing the VN-Index up by over 1.7 per cent to a close of 403.30 points.

Total market volume increased 17 per cent over Thursday's level to 40.8 million shares, even as the value of trades dropped by 17 per cent to VND547.7 billion (US$26.1 million).

Blue chips surged, with many shares included in the VN30 Index hitting their ceiling prices, including insurer Bao Viet Holdings (BVH), PetroVietnam Finance (PVF), seafood processor Hung Vuong (HVG), financial conglomerate Ocean Group (OGC), Becamex Infrastructure Development (IJC) and Tan Tao Investment and Industrial Park (ITA).

Overall, the VN30 Index edged up 1.73 per cent to 451.22 points, with ITA being the most-active share on a volume of over 3 million. Of shares tracked by the VN30, only those of real estate developer Vincom (VIC) and Phu Nhuan Jewelry (PNJ) closed down slightly.

According to many analysts, investor psychology is fairly good now despite the announcement that tight credit policies would remain in place for securities investments.

However, PetroVietnam Securities Co analysts warned in a market report that signs of a decline in cash flow showed a gradual weakening of buyers and limited the possibility of a strong rebound in the short term.

"There is a big possibility that the market is waiting on new developments from banks, as well as information of the inflation rate in February which will be announced later this month," they wrote.

On the Ha Noi Stock Exchange, the HNX-Index gained 2 per cent yesterday to close at 61.79 points. Advancers also overwhelmed decliners on the northern bourse by 205-55.

Both trading volume and value grew 14 per cent over Thursday, totalling nearly 37 million shares worth VND303.3 billion ($14.4 million). VNDirect Securities (VND) shares saw the heaviest trades, with 4.6 million units exchanged, soaring to their ceiling price of VND7,800 per share.

Foreign investors continued to be net buyers in HCM City, picking up a net of about a million shares worth VND50 billion ($2.4 million). They became net sellers yesterday in Ha Noi, unloading VND7.3 billion ($348,000) worth of shares. — VNS

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