Index outstrips magic 500 mark

Index outstrips magic 500 mark

The VN-Index surprisingly surpassed the psychological barrier of 500 points Tuesday  as investors saw increasingly active trading on both national stock markets.

Source: VietstockFinance

On the HCM City Stock Exchange, the VN-Index maintained the uptrend towards the end of the afternoon, finishing yesterday's session at 500.18 points, up 1.61 per cent compared to the previous session.

Blue chips continued to be the rising momentum as 23 of the 30 largest shares by market capitalisation and liquidity advanced, helping lift the VN30 up 1.37 per cent at 566.46 points.

Investors increased their buys strongly yesterday despite the lack of major news that may lift markets, except for the third fall in the consumer price index (CPI) of HCM City and Ha Noi in May announced yesterday.

The most notable share yesterday was technology firm FPT Corp (FPT), which saw a record trading of 1.8 million shares exchanged. Although no special news was released, shares hit the ceiling at VND42,000 (US$2).

Both market volume and value surged, totalling nearly 89 million shares, worth VND1.47 trillion ($70 million), up 80 per cent in volume and 70 per cent in value over the previous session.

Refrigeration Electrical Engineering (REE) and Tan Tao Investment Industry (ITA) were the two most active codes on the southern bourse. Each had more than 5 million shares traded. REE climbed 5.2 per cent at a value of VND24,100 ($1.15) while ITA rose 1.5 per cent to VND6,900.

On the Ha Noi exchange, the HNX-Index decreased slightly in the afternoon but still posted a growth of 0.97 per cent to close at 61.63 points by the end of the session.

Trading volume increased over Monday's level, reaching nearly 55 million shares worth VND429.4 billion ($20.4 million). Sai Gon-Ha Noi Bank (SHB) was again the most active code with more than nine million shares changing hands, rising 1.5 per cent at VND7,000 a share.

The domestic price of gold decreased slightly yesterday afternoon after rising by VND200,000 ($9.52) per tael in the morning. The selling price fell around VND100,00 per tael while the buying price rose over VND100,000 per tael, narrowing the gap between the buying and selling prices.

The buying/selling prices of Sai Gon Jewellery was quoted at VND40.6-40.76 million ($1,933-1,941) per tael at 3pm. Meanwhile the prices quoted by Bao Tin Minh ChauJewellery Co was VND40.64-40.72 million.

The State Bank of Viet Nam yesterday sold all of its offering of 26,000 taels of gold (a tael is equivalent to 1.2oz), lifting successful bids to 502,600 taels, equivalent to 19.3 tonnes of gold, in the last 20 auctions.

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