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VietNamNews

Speculation buoys Ha Noi stocks

Update: November, 13/2014 - 09:04
The VN30 also inched down 0.03 per cent to end at 641.89 points. — VNS Photo Nguyen Manh Ha
HA NOI  (VNS) — Money was drawn into the Ha Noi Stock Exchange yesterday, pushing the HNX-Index to its highest since October 10. The session closed at 91.13 points, an increase of 1.41 per cent over Tuesday.

KLF Joint Venture Global Investment Co (KLF) continued to attract ingterest. Another 20.4 million shares were traded by the end of the day, keeping it the most active code on the bourse. The share again hit the ceiling price of VND14,300 a share (US$0.67).

On Tuesday, KLF also surprised the market with a whopping 38 million shares exchanged at the ceiling price, accounting for 24 per cent of the company's charter capital.

According to many analysts, speculators are trying to push up shares of this stock in the hope of profiting from the company's upcoming issue of 74 million shares. KLF is a hot stock and in its listing history, its price continuously increased from VND10,000 to VND20,000 a share.

Apart from speculative stocks, other blue chips like Sacomreal (SCR), Asia Commercial Bank (ACB) and PetroVietnam Construction Corp (PVX) also propped up the market.

The HNX30, which tracks the top 30 shares by market value and liquidity, also gained 2.25 per cent to end at 185.92 points.

Market volume changed little from Tuesday, totalling 80.5 shares worth VND1.174 trillion ($55.4 million).

On the other end of spectrum, trading was rather sluggish on the HCM City Stock Exchange yesterday with the benchmark VN-Index down 0.04 per cent to finish at 604.01 points.

The most influential stocks like PetroVietnam Gas Corp (GAS), the biggest stock by market capitalisation, and Masan Group (MSN) both slipped from 0.6 to 1 per cent.

The VN30 also inched down 0.03 per cent to end at 641.89 points.

Trading value declined 20 per cent from Tuesday, totalling more than VND2 trillion ($94.3 million), while the market volume reached 126 million shares and fund certificates.

FLC Group (FLC) continued to be the most active code with 17.4 million shares traded, jumping 1.64 per cent to settle at VND12,400 a share.

FLC reported that its third-quarter revenue reached more than VND505 billion ($23.8 million), while its pre-tax profit was VND125.23 billion ($5.9 million). Ending September, the whole group earned a total of VND303.45 billion ($14.3 million). — VNS

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