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Oil, gas shares lead rising market
The VN-Index managed to pick up another 1.35 per cent in yesterday's trading, rising to 308.56.
The HCM City market saw a modest volume of 8.2 million shares, worth about VND206.6 billion (US$12.2 million). Sacombank (STB) was the most active code, with 1.23 million shares traded.
Shares in the oil and gas sector led the market in gains yesterday, increasing in value by an average of 2.53 per cent, according to data from Bien Viet Securities Co.
Low crude prices globally were supportive to the competitiveness of domestic oil suppliers, explained Bien Viet Securities analysts.
"Listed firms in the oil and gas sector are also major firms with good financial potential, promising investors stable profits," said one analyst who requested anonymity.
Foreign investors continued bucking the holiday doldrums to contribute to the modest market, buying up a net of about 550,000 shares.
Yesterday's market gains came despite the National Assembly Standing Committee's decision not to delay imposing new taxes on securities investments, effective January 1.
The new Law on Personal Income Tax, going into force next week, will tax dividend income and capital gains from securities trading.
"There's only two more days until New Year's Day," said Le Vinh, an investor at VPBank Securities. "Selling now wouldn't help any, as the tax is still going to be levied on us."
Some other investors at An Binh Securities admitted that they were trying to buy some shares at currently cheap prices.
FPT Securities Co predicted the HCM City market would remain mixed this week, with no special news expected.
In Ha Noi yesterday, meanwhile, the HASTC-Index closed off a shade, down 0.11 per cent to 105.50, on a sluggish volume of 4.54 million shares, worth about VND121.97 billion ($7.17 million).
Asia Commercial Bank (ACB) led the market at just 526,600 shares traded.
Foreign investors on the northern bourse seemed more determined to enjoy the holiday season than their southern counterparts, buying only 55,900 shares while selling just 133,100.
Viet Nam News
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