Shares buoyant for second day

Jun 28th at 13:39

28-06-2013 13:39:33+07:00

Shares continued to add value on both national stock exchanges yesterday.

Interest rates were officially reduced to 7 per cent for deposits in Vietnamese dong and 1.25 per cent for deposits in US dollars.

Declining deposit rates would make savings through banks much less attractive, and cash was expected to pour into stocks, commented an independent analyst on condition of anonymity.

On the HCM City Stock Exchange, the VN-Index rose 2 per cent to 482.95 points. Advancers outnumbered decliners by 149-60.

However, trading value dropped 34.3 per cent compared to Wednesday's session to nearly VND887.5 billion (US$42.2 million) on a volume of 46 million shares.

Among the 30 leading shares by capitalisation and liquidity tracked by the VN30, only HCM City Infrastructure Investment (CII) retreated, while private equity firm Masan (MSN) and Sacombank (STB) closed unchanged. The rest enjoyed gains.

Steelmaker Hoa Sen (HSG) was still the top gainer with a 4.8 per cent rally. Followers were logistic firm Gemadept (GMD) – up 4.4 per cent, PetroVietnam Drilling Services (PVD) – up 4.3 per cent, Phu Nhuan Jewelry (PNJ) – up 3.8 per cent and insurer Bao Viet (BVH) ) – up almost 3 per cent.

The VN30 gained 1.9 per cent to 539.89 points.

PetroVietnam Finance (PVF) also rose 2.7 per cent yesterday after it announced that the State Bank of Viet Nam had approved in principle a merger with Western Bank.

A source from PetroVietnam Finance said the bank would be named PVCombank after the merger and have a total asset of more than VND100 trillion ($4.7 billion).

On the Ha Noi Stock Exchange, the HNX-Index also increased 1 per cent to reach 62.85 points. Gainers exceeded losers by 133-57.

Trading totalled VND391.8 billion ($18.6 million) and 57.5 million shares.

The HNX30, representing the performance of Ha Noi's 30 leading blue chips, was up 1.3 per cent, standing at 117.39 points.

Foreign investors yesterday reduced their net selling value to VND53.7 billion ($2.5 million).

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