New year fireworks as markets start with a bang
New year fireworks as markets start with a bang
Shares gain on first trading day of new year.
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| Source: VietstockFinance |
The State Securities Commission's president Vu Bang said January 2 that this year's target was to overcome current difficulties and stablise the market. He also revealed the commission had drafted six groups of solutions to cope with challenges and expected to submit them to the Ministry of Finance yesterday.
On the HCM City Stock Exchange, the VN-Index advanced 1.12 per cent to reach 418.35 points after gainers outnumbered losers by 209-44.
The VN30, tracking the bourse's top shares, also rose at the same speed, finishing at 490.82 points.
Five of these blue chips hit their ceiling prices yesterday, including insurer Bao Viet Holdings (BVH), Military Bank (MBB), financial firm Ocean Group (OGC) and property developers Tn Tao (ITA) and Becamex Infrastructure (IJC).
Four stocks declined and two closed unchanged from the previous session.
Trading in real estate stocks was active following positive views on the sector.
"In 2013, despite the lack of capital, the real estate market will grow again," said Nguyen Manh Ha, head of the Ministry of Construction's Housing and Real Estate Market Management Department.
After being frozen for two years, the market would prosper in an inevitable cycle, he added.
"The market's chances of recovery are greater because the Government has taken drastic measures to tackle bad debt within the sector."
The value of trades in HCM City yesterday fetched VND817.3 billion (US$19.4 million) with 64.3 million shares changing hands.
On the Ha Noi Stock Exchange, the HNX-Index increased over 3.5 per cent to 59.11 points. Advancers largely overwhelmed decliners by 226-32.
Liquidity improved with nearly 83.1 million shares traded on a turnover of VND609.87 billion ($29 million).
The HNX30, representing Ha Noi's 30 leading shares, enjoyed a 4.34 per cent rise to 112.45 points.
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