Lao LSX Index rally gains 20 percent
Lao LSX Index rally gains 20 percent
BCEL's outstanding Lao stock market performance August 21 assisted and encouraged the Indexes bullish continuing change of direction this month. Turnover increased by +260 percent in stocks and more than +330 percent in value yesterday. Some investors expressed concern when the cyclic Index hit an all time low of 877.44 points on 4th January this year. But those “doubting Thomas” fears have quickly been erased, especially in this ascending month.
The Indexes meteoric “intraday” rise yesterday to 1,064.23 points, or up +21.29 percent on 4th January was a complete cyclic turnaround. Driving the Index higher yesterday was unqualified support for BCEL and minor fluctuations for EDL-Gen. The highest close of the LSX Index, which opened 11 Jan 2012, was way back on Feb-2 last year at 1864.98 points.
Quite noticeably the mood with the skeptical investors is ever so slowly changing to one of confidence.
Investors actively monitored yesterday's markets ongoing August monthly rally, which is out performing international Indexes.
The Lao and Thailand bourses were just two of the ASEAN gainers yesterday with the Thai SET Index at +0.14 percent at 1230.73 points yesterday. The SET is one of a minority of Indexes that have resembled anything like the pace of the local Index this month.
Local trading turnover in Vientiane by the 11am session yesterday, had well exceeded the previous three days combined trading totals. There were no trades in the last closing session.
Trading for a change yesterday was both stimulating and very competitive by the close with EDL-Gen' 56,685K stocks for US$34.7k just eclipsing BCEL's 33,525 stocks for US$33.3k. BCEL's meritorious stock price rally of +200 kip or 2.6 percent was achieved by 11 am.
From the opening bell, both stocks gained +50 kip by the 9-30 close, pushing the Index up 10 points to a new market intraday YTD high of 1062.19 points.
• BCEL's stocks vault finally opened up 7,700 kip following Monday's write-down to 7,650 in the 9-30AM close on 19,622 stocks which surpassed the previous 3 days totals, including Mondays zero trades.
Investors supported the bank stock with all but 4,000 stocks, but with another confident trade gain up +100 kip.
Up 150 kip (1.97 percent) for the day at 10AM, the stock shrugged off any price resistant barriers rising to an 8 month high of 7,700 kip. The banking stock trades stalled in the 10-10:30am session but managed to finish the days total with 33,535 stocks. There were no trades in the last closing session.
• EDL-Gen had a token 500 stocks cross in the first hour yesterday and 2,500 stocks by the 10 am close but featuring at a new 17 month high of 4,950 kip. That was erased without supporting fundamentals as it fell in the next close on 27k stocks back down at 4,900 but climbed to 56,685 stocks at 11am. Both stocks failed to trade in the final session.
vientiane times
