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Stock market recovers vigorously
After a sharp recovery, exceeding the 800 point mark yesterday, the domestic stock market continued its rally in today’s trading session. The VN-Index of the Ho Chi Minh City Stock Exchange gained 31.49 points or 3.88% to finish at 843.1. The HASTC-Index of the Hanoi Securities Trading Centre also jumped 6.49% (18.07 points) to close at 296.67.
Trading volumes and values also increased sharply. In the southern bourse, up to 12.2 million shares were matched for over VND 1 trillion. Investors also bought over 6.5 million shares on the northern bourse for VND 528 billion. These were the figures that have not seen for months now.
Of the total 147 stocks listed on the HOSE, up to 143 gained, with a majority of these hitting their ceiling prices.
The situation was the same in the Hanoi Securities Trading Centre. Only two stocks dropped and one having no transactions out of the total 127 listed stocks. Many of the stocks that gained were also traded at ceiling prices.
The sharp recovery of the domestic stock market today was attributable to the recovery of the Asian stock markets in the hope of a further cut in US interest rates by the US Federal Reserve.
In the meantime that, listed companies have released their 2007 financial reports with most being positive has also helped encourage upbeat feeling among investors.
In particular, at a press conference yesterday, Minister of Finance Vu Van Ninh promised to take a number of measures to help bolster the stock market, including allowing foreign investors to buy auctioned shares in foreign currencies; rescheduling initial public offering (IPO) by joint stock firms, giving guidance to them in their selection of strategic partners; and considering a decision on increasing the limit of loans for securities trading by commercial banks.
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