Strong earnings boost both bourses
Strong earnings boost both bourses
Shares extended value on both national stock exchanges January 29.
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| Source: VietstockFinance |
Despite the gloomy picture of the economy last year, the stock market still witnessed a number of listed companies with up to four-fold profits compared to 2011.
Over 360 enterprises had reported their operational results as of last Saturday, 15 per cent of which exceeded their annual targets.
The most spectacular growth belonged to Bao Viet Securities Co (BVS) with VND77.7 billion (US$3.7 million) in gross profit, soaring 432 per cent compared to its yearly plan. Notably, the brokerage had losses worth almost VND100 billion ($4.8 million) last year and faced the risk of delisting.
Many other companies also exceeded between 80-300 per cent.
Meanwhile, the State Bank of Viet Nam has announced a draft decision that would allow it to trade in gold bullion to stabilise the domestic market. VietCapital Securities Company advised investors to sell gold and buy shares before the central bank's move.
"The decision will narrow the gap between domestic and world gold prices," the company said.
On the HCM City Stock Exchange, the benchmark VN-Index rose over 2.46 per cent to 479.6 points as over half of component shares increased.
Total trading value remained high at VND1.63 trillion ($77.6 million), climbing 25.4 per cent over last Friday's session on a volume of 107.35 million shares.
The VN30, tracking the city's 30 leading shares in terms of capitalisation and liquidity, grew 2.8 per cent to 562.60 points.
Among the blue chips, 22 added value, but PetroVietnam Finance (PVF) plunged to its floor price and newcomer Casumina (CSM) and infrastructure company Becamex tumbled. Insurer Bao Viet (BVH), Eximbank (EIB), steelmaker Hoa Sen Group (HSG), Refrigeration Electric Engineering Co (REE) and Vinh Son-Song Hinh Hydropower Co (VSH) hit their ceiling prices.
On the Ha Noi Stock Exchange, the HNX-Index gained nearly 1.5 per cent over last Friday's close to reach 62.52 points.
Advancers outnumbered decliners by 149-82.
Around 95.7 million shares changed hands, totalling a combined trading value of VND745.3 billion ($35.4 million), rising 37.7 per cent.
The HNX30 also put on 2.7 per cent to finish at 121.96 points.
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