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Shares halt plunge on both bourses
Shares gained yesterday on both of the nation's stock exchanges, halting a long period of declines.
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| Investors monitor trades at the offices of Rong Viet Securities Co in HCM City |
On the HCMC Stock Exchange, the VN-Index added 0.7 per cent to close at 381.76 points. The value of trades improved by 45.2 per cent over Monday's level, reaching a total of VND474.5 billion (US$22.3 million), as market volume rose by 52.4 per cent to 32.3 million shares.
Advancers outnumbered decliners by 126-88, with blue chips leading the charge. Insurer Bao Viet Holdings (BVH) hit its ceiling price of VND59,500 ($2.80) per share, supported by a gross profit of over VND1 trillion ($47 million) in the first nine months of the year – a 2.3 per cent increase over the same period last year. The company's total assets as of September 30 reached VND45.26 trillion ($2.1 billion), a rise of 6.2 per cent.
Most large-cap shares yesterday managed gains of around 0.6-3.2 per cent, with food processor Masan (MSN) retreating by 0.9 per cent. Sacombank (STB) was the most-active share with nearly 3.1 million traded.
On the Ha Noi Stock Exchange, the HNX-Index advanced by a mere 0.1 per cent, closing essentially unchanged at 61.74 points. The value of trades jumped 33.7 per cent to VND217.5 billion ($10.2 million) on a volume of 23.2 million shares. However, losers outnumbered gainers by 133-78.
Foreign investors were net buyers on both exchanges by a combined margin of VND46.8 billion ($2.2 million), favouring shares of software giant FPT and real estate developer Cotec (CLG) in HCM City and Kim Long Securities Co (KLS) on the northern exchange.
Viet Vinh, an analyst for the financial information website vietstock.vn, suggested that yesterday's modest gains were merely a technical correction.
Economic news was not as positive as had been expected. The World Bank yesterday released its East Asia and Pacific Economic Update, forecasting growth for Viet Nam this year of just 5.8 per cent compared with 6.8 per cent in 2010.
Although inflation had slowed since June, prices were likely to continue to rise in the near future due to the high cost of raw materials, minimum wage increases, a possible hike in electricity rates and a more accommodating credit policy during the last quarter of this year, it said.
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