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Blue chips lead stock market gains

Update: May, 30/2013 - 09:00
HA NOI (VNS)— Shares continued to gain in Ha Noi but faltered in HCM City yesterday.

On the Ha Noi Stock Exchange, the HNX-Index rose 0.6 per cent to 64.46 points.

Market value and volume improved to VND822.76 billion ($39.17 million) and 96.76 million shares.

The HNX30, comprised of the bourse's 30 leading shares, increased 0.49 per cent to finish at 125.20 points.

On the HCM City Stock Exchange, the VN-Index finished 0.24 per cent lower at 515.09 points. Profit-taking drove trading value yesterday up to VND1.67 trillion (US$79.5 million) with a surging volume of some 99.7 million shares.

Blue chips outperformed the market in general, helping boost the VN30 up 0.33 per cent to 579.33 points.

Among the 30 stocks it tracks, around one third managed to rally, including property developer Vingroup (VIC) that hit its ceiling of VND71,500 ($3.4).

Vingroup yesterday announced private equity investment fund Warburg Pincus had agreed to buy a 20 per cent stake worth $200 million in its subsidiary, Vincom Retail.

In addition, as part of the agreement, Warburg Pincus pledged to invest $25 million in Vingroup's first initial public offering (IPO) in the international market.

The agreement will also allow the investment fund to pour another value of $100 million into Vincom Retail depending on the growth potential of the Vietnamese retail market. If Warburg Pincus implements the $100 million deal, Vingroup will increase its capital in Vincom Retail to retain its ownership rate.

The partnership with Warburg Pincus is the latest achievement by Vingroup to attract foreign investment, following the issuance of $300 million international convertible bonds last year.

Citigroup is the sole financial advisor for Vingroup.

Foreign investors continued to be sellers in HCM City, unloading a net value of VND27.5 billion ($1.3 million), while they were buyers in Ha Noi by a margin of VND1 billion ($47,600). — VNS

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