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Shares soar to four-month high
Shares continued to rally with more than 85 per cent of codes posting gains in both HCM City and Ha Noi on Dec. 10. On the HCM City Stock Exchange, the VN-Index jumped 2.74 per cent to surpass 473 points - the highest point it has reached in the last four months.
The value of trades hit the a nine-month high of nearly VND3.4 trillion (US$160 million), while the volume of trades reached 93.2 million shares, 56 per cent higher than Thursday's total.
Notably, negotiated trades accounted for half of market value, reaching over VND1.67 trillion ($79.8 million) – of which 18 million shares of real estate developer Vincom (VIC), worth VND1.58 trillion ($75.6 million), were bought up by foreign investors.
The interest in VIC coincided with the registration of two VIC subsidiaries, Thien An Investment Trading & Development and Ngoc Viet Real Estate, and major shareholder Hoang Gia Real Estate Investment and Development registered to sell 18 million VIC shares through next February 10.
Foreign investors continued to be net buyers in HCM City yesterday overall, with a record high value of VND1.6 trillion ($76.2 million) and transactions totalling almost 18.7 million shares .
Over 40 per cent of shares on the HCM City market on Dec. 10 soared to their ceiling prices, including most in the real estate sector, including VIC, Kinh Bac City Development Share Holding (KBC), Song Da Urban & Industrial Zone Investment and Development (SJS), Tan Tao Investment Industry (ITA), HCM City Infrastructure Investment (CII) and Development Investment Construction (DIG).
All were expected to post strong earnings in the last quarter of the year, analysts predicted.
Financial shares such as HCM City Securities Company (HCM), PetroVietnam Finance (PVF) and Saigon Securities Inc (SSI) also rose to the top of their allowed trading band for the day, with SSI ending the session as the most-active share on volume of 4.6 million shares.
On the Ha Noi Stock Exchange on Dec. 10, the HNX-Index soared by 3.8 per cent to end the session at 116.39 points. However, market volume decreased slightly from Thursday to 60.2 million shares, worth VND1.16 billion ($55.2 million).
Gainers outnumbered losers by 306-29, with 63 per cent of advancers hitting their ceiling prices.
Kim Long Securities (KLS), on a volume of 6.14 million shares, remained the most heavily-traded stock nationwide and closed at its ceiling price of VND16,400 ($0.78) per share.
Analysts with BIDV Securities Company said during the week, gold and USD dollar tended to decline and this could be one reason for increased investment in the stock markets.
Late Thursday, 12 commercial banks in Ha Noi pledged to deposit interest rates under 15 per cent per year. Bao Viet Securities Company analysts said that efforts to stabilise interest rates had strenthened investor confidence.
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