Shares end fraught year on high

Dec 29th at 23:42

29-12-2012 23:42:06+07:00

The stock market ended a year of turmoil on a positive note as investor confidence strengthened. The benchmark VN-Index rose in the afternoon, closing up 0.92 per cent at 413.73 points, while the VN30, tracking performance of the top 30 shares on the bourse, was up 0.94 per cent at 485.38 points.


Source: VietstockFinance

Trading value decreased 11.5 per cent, however, totalling almost VND1.16 trillion (US$55.5 million), on a total volume of 84.3 million shares.

Eximbank (EIB) was the most active code both through trading on the bourse and negotiations. Nearly 3 million EIB shares were traded via order matching yesterday while another 24.7 million shares changed hands through negotiations at a price of VND16,000 ($0.77) a share. At yesterday's close, EIB rose 1.95 per cent to settle at VND15,700 ($0.75).

Earlier, the bank announced plans to spend VND990 billion ($47.4 million) to pay dividends for this year. Those dividends will be paid in cash on January 25 at the rate of 8 per cent.

"Money keeps flowing into the market. Continuous information about the Government's measures to deal with the bad debts of the banking sector is boosting investors' confidence and helping the market maintain its uptrend," analysts of Viet Nam Investment Securities Co wrote in a report.

However, both markets had seen substantial growth in recent sessions and would likely see a correction soon, analysts said, noting that money flowing into the market was "hot money," which focused on speculative shares.

But most investors believe the market will continue to grow next year, especially given the fact that deposits at banks have now become less attractive.

On the Hanoi Stock Exchange, the HNX-Index grew by a substantial 1.67 per cent to 57.09 points, but trading value decreased slightly to nearly VND473.5 billion ($22.7 million).

Sai Gon - Ha Noi Bank (SHB) was again the most sought-out stock with 13.45 million shares exchanged, rising 3.57 per cent at VND5,800 a share.

Foreign investors continued to be net buyers on both exchanges yesterday, picking up shares worth a combined VND38 billion ($1.8 million). — VNS

HCM Stock Exchange inks IT deal with KRX

HCM CITY — The HCM Stock Exchange yesterday (Wednesday) concluded an agreement with the Korean Exchange (KRX) for a new IT system costing VND600 billion (US$28.7 million).

The contract is for the design and installation of a system that integrates all necessary solutions for the stock exchange covering trading, supervision, market updates, custody, clearance, and others.

There will also be a new data center at the exchange on Vo Van Kiet Avenue, District 1 and a reserve data center against disaster risks.

The system will be operational in 18 months, and will also benefit the Hanoi Stock Exchange and Vietnam Securities Depository.

HOSE chairman Tran Dac Sinh said the system would help raise market management and operations to international standards.

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