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Trading gains on local bourses
Share prices closed higher and liquidity improved at the HCM City and Ha Noi stock exchanges on the last trading day of October.
At the HCM City Stock Exchange, the VN-Index added nearly 2 per cent to reach 600.84 points. Trading value reached VND2.3 trillion (US$108.4 million) as 132.3 million shares changed hands.
Of the 30 biggest blue chips on the exchange, only Phu My Fertiliser fell by 0.67 per cent, and property developer FLC Group ended unchanged at VND11,200 per share.
Top gainers included Bao Viet Holdings, Da Nang Rubber, FPT software developer and Masan Group, as well as Pha Lai Thermalpower, PetroVietnam Drilling Services and Vietcombank. The gainers collectively pushed the VN30 Index up by 1.84 per cent to 638.78 points.
The market also received a boost from companies reporting positive business results and plans to raise capital such as Hung Vuong food processor, Binh Thuan Mineral and Da Nang Housing Investment, which added 5.7 to 7.6 per cent. Vietnam Electricity Construction, which hit the ceiling price, also contributed.
FPT Securities Company analysts urged investors to buy shares if the VN-Index would continue to surpass 600 points next week.
At the Ha Noi Stock Exchange, the HNX-Index rose by 1.43 per cent to 88.03 points with a total market turnover of VND776.4 billion ($36.6 million).
The HNX30 Index, which tracks the top 30 large-cap stocks, also gained 1.62 per cent to reach 175.42 points.
Foreign investors finished the session as net buyers on both bourses by purchasing nearly VND115 billion ($5.4 million) in shares.
The reduction in interest rates will continue to assist the market in the short term while the end of US quantitive easing is not worrisome, Tran Duc Anh of Bao Viet Securities Company wrote in a note. Anh also predicted that the time to sell was about to come.
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