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Improved outlook boosts shares
Shares on the HCM City Stock Exchange rallied yesterday, as the market value remained positive and blue chips rebounded, proving themselves to be the backbone of the market.
The rally began after Fitch Ratings revised Viet Nam's outlook to positive, reaffirming the country's long-term foreign and local currency issuer default rating at "B+". Also, the outlooks on the long-term issuer default ratings (IDRs) were revised to "positive".
Additionally, the VN-Index increased 0.3 per cent to 553.55 points on a turnover of VND1.2 trillion (US$56.6 million). Although the value of trades decreased over Wednesday's session, it remained relatively high compared to historical trading.
Further, the VN30 Index, representing the performance of the 30 leading shares by capitalisation and liquidity, edged up 0.09 per cent to reach 626.62 points.
Most of the blue chips added value. Commercial baker Kinh Do (KDC) hit the daily increase limit of 7 per cent, closing at VND57,500 ($2.7) per share. Becamex Infrastructure Development (IJC) followed, with a 5.4 per cent rise.
Other blue chips enjoying high growth included HCM City Infrastructure Investment (CII), PetroVietnam Drilling Services (PVD) and Vinh Son –Song Hinh Hydro-power (VSH).
Meanwhile, others stumbled seriously, as Steelmaker Hoa Phat (HPG), insurer Bao Viet Holdings (BVH) and property giant Vingroup (VIC) lost between 2 to 6.5 per cent.
Northern-listed stocks also increased, though the transaction value declined. On the Ha Noi Stock Exchange, the HNX-Index reached 73.44 points, up 0.04 per cent from Wednesday's session.
Only 31.4 million shares, worth more than VND271.7 billion ($12.8 million), changed hands.
The HNX30 Index, tracking the bourse's top shares, however, fell 0.26 per cent to 143.91 points. While the momentum of the HCM City market was from blue chips, penny stocks in Ha Noi helped overall trading retain its increase. Also, nearly 30 stocks hit their ceiling prices, most of which having prices below VND5,000.
After proving themselves to be sellers on Wednesday, foreign investors returned as net buyers by a margin of over VND123 billion ($5.8 million).
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