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Shares rise despite fuel hike

Update: June, 25/2014 - 08:50

The VN-Index on HCM City Stock Exchange ended 0.68 per cent higher at 569.74 points while the HNX-Index on Ha Noi Exchange closed 0.85 per cent higher at 76.62 points.— Photo tinnong

HA NOI (VNS) — Shares rose yesterday with a return of a speculative capital inflow, despite a sudden petrol price hike late on Monday.

The VN-Index on HCM City Stock Exchange ended 0.68 per cent higher at 569.74 points while the HNX-Index on Ha Noi Exchange closed 0.85 per cent higher at 76.62 points.

After a sluggish start, which continued into the first half of the afternoon trading hours, the return of speculative capital inflow boosted trading with roughly half of the stocks on both bourses posting gains.

The benchmark index on the southern bourse, which rose by 0.42 per cent to close at 612.54 points, was propped up by large-cap stocks on the VN30-Index, which tracks the performance of the largest stocks by capitalisation and liquidity.

In the VN30 package, only four codes lost values while 17 others gained. The ones that lost value were Kinh Do Corporation (KDC), Vietcombank (VCB), PetroVietnam Transportation (PVT) and PetroVietnam General Services Corporation (PET).

Masan Group (MSN), Da Nang Rubber Corporation (DRC), Bao Viet Holdings (BVH) and PetroVietnam Drilling Corporation (PVD) were among those which advanced.

Still, the southern bourse witnessed quiet trading yesterday with low liquidity, as investors were in a very cautious mood.

With only 67.5 million shares changing hands, the trading value, at a modest VND1.06 trillion ($50 million), was unchanged from the previous trading session.

However, on Ha Noi Exchange, the HNX-Index ended its four-day losing streak, with gainers nearly doubling losers and liquidity improving along with the return of speculative capital inflow.

The HNXFF-Index, composed stocks with minimum free float rate of 5 per cent, closed up 0.64 per cent at 76.95 points.

The benchmark indices were boosted by blue chips with the HNX30-Index gaining 1.21 per cent to 153.11 points.

Of note, PetroVietnam Construction Corporation (PVX) increased 10 per cent to be traded at VND4,400 ($0.2) a share, with a significant 11.5 million shares changing hands over positive news about its Thai Binh 2 Thermoelectric plant project.

The inflow of speculative money doubled the trading volume and value as compared to Monday, with 54.9 million shares worth VND700.9 billion ($33 million) changing hands.

Foreign investors stayed net buyers on both bourses. They purchased a net volume of 4.2 million shares, 32.6 per cent higher than on previous trading with a net value of VND73.21 billion ($3.4 million) up 24.55 per cent. — VNS

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