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VietNamNews

Stocks climb on optimistic trades

Update: June, 12/2014 - 07:46

HA NOI (VNS) — Trades grew strongly in yesterday's afternoon session, driving up stock indices on both exchanges.

On the HCM Stock Exchange, the VN-Index added another 0.61 per cent to close at 570.36 points with the advancers tripling the decliners.

The VN30 tracking the top 30 stocks by market value and liquidity gained 1.14 per cent to end at 615.52 points.

Financial Ocean Group (OGC) and software giant FPT Corp (FPT) were the biggest gainers yesterday with OGC jumping 4.8 per cent to close at VND10,900 (US$0.52) a share and FPT up 3.6 per cent to VND46,500 ($2.20) each.

Investor sentiment was boosted as the market was steadily spurred by blue chips, bolstering confidence that the current rally would continue.

Both market volume and value was up 10 per cent, totalling 85.2 million shares, worth VND1.276 trillion ($60.5 million).

Real estate FLC Group (FLC) was again the most active stock with trades of 6.9 million shares, rising 3.85 per cent to settle at VND10,800 a share.

On the Ha Noi Stock Exchange, the HNX-Index also gained 1.29 per cent to close at 75.92 points while the HNX30 also leapt 2.1 per cent to stand at 152.73 points.

The market condition was positive with 137 shares climbing, 50 falling and 172 closing flat.

Overall trading was good as the market volume soared 50 per cent over the previous session to nearly 63.4 million shares worth VND496 billion ($23.5 million).

Trades on PetroVietnam Construction Corp (PVX) slowed down in the afternoon, but the shares were still the most heavily-traded stock - a whopping 25.7 million. The share price dipped 4.6 per cent to close at VND4,200.

PVX dropped to the floor price in the last two sessions following news that the company is likely to bincur a loss of VND300-400 billion ($14–19 million) in the first half of the year and a possible loss of VND1 trillion ($47.4 million) for the whole year.

If this happens, PVX will have to leave the stock market as it has posted losses for three consecutive years.

Foreign investors continued to be net buyers on both exchanges yesterday. They picked up combined VND64.4 billion ($3.1 million) worth of shares. — VNS


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