Blue chips lead stock market rise

Jul 13th at 19:08

13-07-2013 19:08:13+07:00

Shares added value on both exchanges yesterday following the World Bank's comments on the economic outlook for Viet Nam.

The bank said yesterday that the country's economic situation was improving with moderate inflation, higher foreign exchange reserves and lower risks.

It forecast Viet Nam's gross domestic production (GDP) growth this year could reach 5.3 per cent, higher than last year's growth, and would continue to climb next year.

On the HCM City Stock Exchange, the VN-Index rose 1.97 per cent to 493.99 points.

The VN30, tracking the top 30 shares led by market capitalisation and liquidity, also added over 1.6 per cent to stand at 548.27 points.

Blue chips performed well, with 26 of the 30 shares advancing. HCM City Infrastructure Investment (CII) and steelmaker Hoa Sen Group (HSG) hit their ceiling prices. Rubber firms Da Nang Rubber Co (DRC) and Casumina (CSM), steelmaker Hoa Phat (HPG) and Refrigeration Electric Engineering (REE) also rallied from 3.3 to 5.4 per cent.

Only Eximbank (EIB) declined slightly.

The total value and volume of trades improved 60 per cent compared to Thursday's session to VND1.17 trillion (US$55.1 million) and 51.9 million shares, respectively.

Foreign investors returned as net buyers, favouring shares with high prices such as property developer Vingroup (VIC), PetroVietnam Gas (GAS) and HSG, pushing the net buying value to VND62.3 billion ($2.9 million).

On the Ha Noi Stock Exchange, the HNX-Index gained 1.25 per cent to 63.12 points.

Trading value doubled that of the previous session to VND212.5 billion ($10 million) as over 28.1 million shares changed hands.

The HNX30, composed of the bourse's 30 largest stocks, rose higher at 2.3 per cent to reach 119.33 points.

Property developer Sacomreal (SCR) was the most active code with 4 million shares exchanged. Following were Sai Gon-Ha Noi Bank (SHB) and financical group FLC (FLC), both with 3.9 million units.

Meanwhile, the gold price declined yesterday, narrowing the gap with world prices, as banks finished paying back customers' gold deposits and the demand for the metal decreased.

Gold on the global market was standing at its highest level in two weeks, but the domestic price fell by VND100,000-200,000 ($4.7-9.4) per tael to about VND37 million ($1,700). One tael equals 1.2 ounces.

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