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VN-Index up for fourth straight day
The VN-Index yesterday posted its fourth straight day of modest advances, adding 0.46 per cent to close at 348.64.
Prominent gainers included blue chips FPT, Hau Giang Pharmaceuticals (DHG) and dairy producer Vinamilk (VNM).
The day's trading saw 16.13 million shares change hands, for a value of VND477.89 billion (US$28.45 million).
Most heavily traded shares included Sacombank (STB) with a volume of 4.03 million, Saigon Securities Inc (SSI) with 1.11 million, and Cable and Telecom Materials (SAM), with 930,230 shares.
"Pressure from the financial crisis has eased off as hopes have risen for policy efforts to dampen the crisis," said Nguyen Quynh Nga, a securities analyst from a Ha Noi-based securities firm. This week, Nga noted, economic indices for inflation were also sending positive signals.
Late yesterday, the State Bank of Viet Nam decided to further cut the prime interest rate by 1 percentage point to 12 per cent, effective Wednesday. Nga said that the news should spur trading and gains in the next couple of sessions.
The State Securities Commission, meanwhile, recently stated that net sales by foreign investors had not had any substantial impact on the domestic stock exchange as foreign currency reserves remained significant.
"This confirmation has also helped calm investors from panicking about a foreign withdrawal from the market," Nga said.
Foreign investors yesterday increased their buying, picking up a total of 1.34 million shares, approaching their selling volume of 1.93 million.
In Ha Noi, the market failed to track HCM City's gains, as recent flooding and continued heavy rains continued to dampen spirits and slow trading volumes.
"Everything has begun to cost more day by day, power has been cut off and water has covered houses, and streets all over the city," said Nga. "All of these things have distracted investors from normal trading."
The HASTC-Index stood at 112.88 at the end of the day after losing 1.74 per cent or 2 points.
About 8.55 million shares changed hands for a turnover of VND219.61 billion ($13.07 million). The centre saw 89 losers on the day, 51 gainers, and remaining shares unchanged.
VNS
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