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Bank shares, low petrol prices buoy VN markets

Update: January, 23/2015 - 08:46

HA NOI  (VNS) — Stocks maintained rises in the afternoon, sustained by bank shares, as prices fell to an attractive level after a four-day slump.

On the HCM Stock Exchange, the VN-Index closed yesterday's session at 574.54 points as advancers outnumbered decliners by 120-94. The other 94 stocks closed flat.

The market was upbeat due to the reduction in petrol prices announced late on Wednesday. The performance of businesses is expected to improve as input costs fall substantially. Bank shares led the upturn yesterday as Vietinbank (CTG) and Bank for Investment and Development of Vietnam (BID) hit their ceiling prices, capped at 7 per cent a day. Other blue chips like Eximbank (EIB), Sacombank (STB), Military Bank (MBB) and Vietcombank (VCB) also gained 1.6-3.6 per cent. These shares were also among the most active stocks yesterday with 2-6 million shares exchanged on each code.

The VN30, which tracks the top 30 shares by market value and liquidity, edged up 0.62 per cent to end at 610.31 points with 17 shares rising and only seven declining.

Liquidity continued to fall, however, as market value tumbled 10 per cent from Wednesday to VND1.425 trillion (US$66.6 million) while trading volume reached nearly 84 million shares.

FLC Group (FLC) remained the most active code with over 8 million shares, slipping 0.93 per cent to settle at VND10,600 a share. Military Bank (MBB) came second on trades of 6 million shares, leaping 3.6 per cent to close at VND14,400.

On the Ha Noi Stock Exchange, the HNX-Index rose 1.22 per cent to finish the session at 85.66 points as gainers doubled losers.

Trading volume climbed 10 per cent over the previous session, totaling nearly 43 million shares worth VND488 billion ($22.8 million), slightly higher than Wednesday's level.

FLC Group investment arm KLF Joint Venture Global Investment Co (KLF) was again the most active stock here with almost 10 million shares exchanged. The share price closed flat at VND11,200 a share.

Foreign investors continued to unload local shares, responsible for selling VND88 billion ($4.1 million) worth of shares yesterday on the two exchanges. — VNS

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