HCM City market back in black
HCM City market back in black
Shares finally managed to post gains on the HCM City Stock Exchange December 4, but the story in Ha Noi remained dismal following meagre trading last Friday.
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| Source: VietstockFianance |
The VN-Index added 0.38 per cent to reach 379.27 points.
Only 21.9 million shares changed hands, totalling a combined market value of VND324.4 billion (US$15.4 million).
Over half of the 30 leading shares tracked by the VN30 concluded yesterday's session in the black, with property developer Tan Tao (ITA) and sugarcane processor Bourbon Tay Ninh (SBT) hitting their ceiling prices. Vietinbank (CTG), PetroVietnam Finance (PVF), PetroVietnam Drilling Services (PVD) and steelmaker Hoa Phat (HPG) also had a good day.
The index finished at 445.72 points, gaining 0.46 per cent.
Liquidity was quite low, but buyers did not seem put off by rising prices, said analyst Nguyen Quoc from the financial information website vietstock.vn.
Also yesterday, HSBC Bank Vietnam in collaboration with data provider Markit Economics released Viet Nam's Purchasing Management Index (PMI) for November.
Rising to 50.5 points compared to 48.7 in October, the index exceeded the average level for the first time in 14 months.
Although last month's index represented only a small improvement in business conditions in the manufacturing sector, this was the highest level since September last year, HSBC Vietnam said.
In addition, inventories fell rapidly while the number of workers increased. HSBC expected the economy to gradually recover, supported by domestic demand.
While the HCM City market received a boost from the news, the HNX-Index fell to 51.04 points, down 0.02 per cent from Friday's close, but it could have been worse.
The new week started with bleak trading in Ha Noi with just VND85.3 billion ($4 million) changing hands in the morning session on a volume of 14.3 million shares.
The HNX30 also shed 0.11 per cent to close at 92.37 points.
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