City continues on upward trend

City continues on upward trend

Shares finished higher yesterday on both bourses as Prime Minister Nguyen Tan Dung approved a project to develop a State-controlled centralised derivatives market.

On the HCM City Exchange, for the seventh day in a row, the VN-Index rose nearly 0.88 per cent to finish at 595.22 points yesterday, the highest level recorded since October 2009.

The trading value was 25 per cent lower than Wednesday, at VND2.3 trillion (US$109.5 million) on the exchange of more than 133.7 million shares.

The billboard was predominantly green with 154 codes adding value, while doubling losers.

Vinamilk (VNM) was the market's highlight yesterday with a gain of VND5,000 ($0.23), as much as 3.5 per cent per share yesterday to close at VND146,000 ($6.9).

VNM was the major contributor to the benchmark indices' gains, besides other blue chips, due to the soaring profit-taking pressure on speculative stocks.

As more than two-thirds of the bourse's 30 largest stocks by capitalisation and liquidity advanced, the VN30-Index added 0.81 per cent to end the day at 669.21 points.

Gains were also registered by blue chips, such as Saigon Securities (SSI) seen rising at 5 per cent, Vietcombank (VCB) at 2 per cent, HCM City Infrastructure Development (CII) at 2.7 per cent, and Masan Group (MSN) 0.5 per cent. The Hoa Sen Group (HSG) also rose 0.9 per cent higher.

Yesterday, only three codes that closed lower were the Hoa Phat Group (HPG), Kinh Do Corporation (KDC), and PetroVietnam Low Pressure Gas Distribution Corporation (PGD), and six closed at their reference prices.

Shares of the Tan Tao Group (ITA) continued to attract investors yesterday with roughly 14.2 million shares successfully changing hands yesterday, with a gain of 4.65 per cent to close at VND9,000 ($0.42) per share.

Ha Noi shares rebounded from Wednesday's drop as the HNX-Index added 0.98 points, or as much as 1.18 per cent, to finish at 84.15 points.

Composed of stocks with a minimum free float rate of 5 per cent, the HNXFF-Index advanced 1.39 per cent to end at 84.07 points.

With more than 91 million shares traded, the trading value reached VND879 billion ($41.8 million).

The HNX30-Index, comprising the top 30 shares, ended at 169.14 points, rising 1.78 per cent.

Transactions of the PetroVietnam Construction Joint Stock Corporation (PVX) boomed yesterday as the stock soared 10 per cent to end at its ceiling price of VND5,500 ($0.26) with more than 17 million shares traded, following the decision on withdrawing capitals out of its listed members.

Foreign investors returned to be net sellers yesterday after net buying on Wednesday, which could be a matter of concern, according to FPT Securities.

The 600-point level will be challenging, and investors should keep a close watch on the market. 

vietnamnews