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Bao Viet earnings boost stocks
Stocks continued to rise on Jan. 14, tracking the positive earnings of insurance giant Bao Viet Holdings on late Jan. 13. In HCM City, the VN-Index closed up 1.05 per cent at 489.22 points and advancers doubled decliners with 159 stocks making gains.
Volume remained active with 41.4 million shares changing hands, valued at VND1 trillion (US$47.6 million).
Bao Viet Holdings (BVH) made the biggest gain, rising VND3,500; Followed by software producer FPT Corporation (FPT) and Sao Mai Construction (ASM), up VND3,000 each; Hoang Quan Group (HQC), up VND1,900 and PetroVietnam Low Pressure Gas (PGD), up VND1,800.
On Jan 13, the insurer announced a total corporate premium of VND12.8 trillion ($609.5 million) in 2010, a year-on-year increase of 21.3 per cent. Affiliates of Bao Viet Insurance Company topped the life insurance market with a 24 per cent market share, while Bao Viet Non-Life Insurance Company ranked second in the non-life insurance market, with a 30 per cent market share.
The BVH gains helped boost other large stocks, including Vietcombank (VCB), Sai Gon Securities Inc (SSI), PetroVietnam Finance (PVF) and finance conglomerate Ocean Group (OGC).
In Ha Noi, the HNX-Index rose 0.59 per cent to 108.05.
Volume remained low at 25.9 million shares, worth VND464.7 billion ($22.1 million).
131 stocks gained points, including Dzi An Manufacturing (DZM), up the most by VND1,800; Mineral and Mechanical (MIM), up VND1,500; Song Da Consulting (SDC), up VND1,300; And Vinh Khanh Cable Plastic (VKC), up VND1,200.
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