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VietNamNews

Shares mixed despite upswing

Update: November, 28/2013 - 09:31
Investors watch market changes at An Binh Securities in Ha Noi. The VN-Index lost 0.14 per cent to 508.43 points yesterday. — VNS Photo Viet Thanh

HA NOI (VNS)— Shares rose for the third session in a row in Ha Noi yesterday but faltered in HCM City as blue chips sold heavily towards the end of the session.

On the HCM City Stock Exchange, the VN-Index lost 0.14 per cent to 508.43 points. The VN30, tracking the city's largest shares in terms of capitalisation and liquidity, touched 568.33 points – decreasing 0.09 per cent.

Among the 30 blue chip companies, 13 codes posted gains while nine others tumbled. Property giant Vingroup (VIC) was the biggest loser, down 2.2 per cent, followed by PetroVietnam Drilling Services (PVD), Da Nang Rubber (DRC) and Vietcombank (VCB).

The value of transactions on the bourse hit VND1.29 trillion (US$60.8 million) on a volume of over 102.7 million shares. Meanwhile, on the Ha Noi Stock Exchange, the HNX-Index closed at 65.19 points, rallying 0.44 per cent.

As nearly 45.4 million shares changed hands, trading value totalled around VND350 billion ($16.5 million).

The HNX30, representing the performance of Ha Noi's 30 leading shares, increased 0.22 per cent to 123.19 points.

Comments on the Vietnamese economy which appeared yesterday were positive. In an Ernst & Young report on rapid-growth markets, Viet Nam's GDP was expected to grow 5.2 per cent in 2014 then reach 7 per cent in 2016.

The auditing firm said by balancing current account and growing foreign direct investment (FDI), the Vietnamese dong would decline in proportion to inflation, thereby allowing the Government to loosen monetary policy and expand credit growth.

Meanwhile, a recent ANZ economic update shows that "an upswing in Viet Nam is now in play", led by very strong FDI.

"We retain our expectations for the State Bank of Viet Nam to remain on hold till at least the first half of next year," the foreign bank's analysts said.

During the first 11 months of this year, the real estate sector ranked third in attracting FDI, according to the Ministry of Industry and Trade's foreign investment division.

There were 20 new foreign projects in the sector, doubling the same period last year's figure, with a total capital of $884 million.

VietCapital Securities Co analysts stated some real estate firms might generate profits for investors, such as Binh Chanh (BCI) and Dat Xanh (DXG). — VNS


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