|
VN-Index perks up on news of US Fed rate cut
The fluctuating VN-Index yesterday poked its head back up above 300, gaining a modest 4.60 points, or 1.55 per cent, to close at 301.02.
Strong performance by blue chips like PetroVietnam Finance (PVF), Sai Gon Securities Inc (SSI), and FPT helped spur gains on the day, which saw 89 codes advance and 54 decline.
Trading was particularly active in Sacombank (STB), which saw a volume of 3.11 million shares, as the International Finance Corporation yesterday began its promised sell-off of 16 million shares.
While the SSI also seeing a sizeable 1.03 million shares change hands, total market volume yesterday neared a substantial 15.1 million shares, worth a total of VND364.97 billion (US$21.72 million).
"The rebound today is inescapably the result of the positive impact on investors of the Fed's move to cut interest rates to below 1 per cent overnight, Vietnamese time," said an analyst from Golden Lotus Securities who asked to remain anonymous. "Investors are still watching for the global market and what happening around it."
Activity by foreign investors was particularly active, although, with 5.64 million shares bought and 5.77 million sold, their net impact was negligible.
Nguyen Hong Quan, acting director of An Binh Securities, suggested investors keep an eye on the initial public offering of VietinBank next week to gauge the psychology of the market for the remainder of the year.
In Ha Noi yesterday, the HASTC-Index also gained a modest.0.82 per cent to end the day at 107.44, with 86 advancers and 42 codes declining.
Trading volume reached 7.11 million shares, worth a total of VND161.98 billion ($9.64 million). Kim Long Securities (KLS) was the most heavily traded share, with 1.3 million changing hands, followed closely by Asia Commercial Bank (ACB), with 1.25 million.
Foreign investors were set buyers of 128,000 shares on the northern bourse, showing particular interest in Viet Nam National Reinsurance (VNR), Kinh Bac Urban Development Corp (KBC), and Viet Nam Construction No 5 (VC5).
Viet Nam News
|
