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Stocks rise in south, stall in north
Gains on world markets last week helped buoy domestic investor confidence, lifting the VN-Index to a close yesterday of 521.12, a gain of over 1.5 percent. Volume on the HCM City Stock Exchange rose by 20 percent over Friday's totals to 54 million shares, worth a combined VND2.3 trillion (US$121 million).
On the Ha Noi Stock Exchange, the HNX-Index advanced by a slimmer 0.63 percent, closing the day at 171.23. The value of trades on the northern bourse also declined by over 16 percent to VND933.3 billion ($49 million) on a volume of over 28.8 million shares.
Nearly 80 per cent of codes on both bourses posted gains, with Saigon Securities Inc (SSI) claiming the place as most active share on the southern bourse, with a volume of over 3 million traded, and PetroVietnam Construction Company (PVX) leading the Ha Noi bourse on a volume of 3.5 million shares.
FPT Securities Comapny analysts, in their daily report, noted that rising investor confidence was causing volumes and values to increase steadily on both markets without overheating.
"Investor sentiment has became more positive and capital flows are returning to the market," said Viet Capital Securities Company Deputy Director Nguyen Quang Bao.
In addition to idle sources of capital, commercial banks had resumed lending to securities traders, Bao noted. Credit growth reached a reported 1.14 percent in February, a three-month high, and some brokerages had resumed allowing leveraged investments.
"Investors are no longer fussing over economic policy, and the involvement of major investors and foreign investors has helped forge a new confidence on the market," said independent analyst Nguyen Anh Dung.
This month would also see large numbers of listed companies holding shareholders meetings, raising investor expectations of positive earnings reports for the first quarter and the announcement of dividend payments, Dung said.
Foreign investors concluded yesterday's trades as net buyers on both stock exchanges of nearly VND38 billion ($2 million) worth of shares.
vietnamnews
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