Shares rebound after two-day slump
Shares rebound after two-day slump
After declining for two straight days, shares managed modest increases on both stock exchanges yesterday.
The benchmark VN-Index on the HCM City Stock Exchange gained 0.35 per cent to reach 497.85 points, while trading value remained virtually unchanged from Wednesday, reaching VND853.3 billion (US$40.2 million) and over 60 million shares changing hands.
The VN30, tracking the city's top 30 shares, advanced 0.48 per cent to 555.73 points, while among blue chips, gainers outnumbered losers by 13-7.
Property developer Hoang Anh Gia Lai (HAG) saw the highest trading volume of 4.9 million shares but slid 2.7 per cent. The listed stock is due to pay dividends today, at a rate of 5 per cent.
On the Ha Noi Stock Exchange, the HNX-Index closed up 0.09 per cent to 63.7 points, buoyed by shares from Bao Viet Securities (BVS), construction firms Vinaconex (VCG) and FIT Investment (FIT), Vietinbank Securities (CTS), Petrovietnam Technical Services (PVS) and Viet Nam Germany Steel Pipe (VGS).
The HNX30, composed of the bourse's 30 biggest stocks in terms of capitalisation and liquidity, added 0.4 per cent to 119.84 points. Trading value on the exchange totalled nearly VND228.3 billion ($10.7 million) on a volume of about 32.1 million shares.
Although shares rebounded, liquidity was low as investors remained cautious.
The operating results of some big companies in the third quarter are due to be announced. Bao Viet Securities Co analysts predicted improvements on the same period last year, but said it would be less positive than the second quarter.
"This can slow down the increase of the market," they said in a report.
"In the last two months of the year, the Government will continue to focus on stabilising the economy," they said, adding that the Viet Nam Asset Management Company's management of bad debts and policies to simplify taxes, interest rates and credit access would boost growth in 2014.
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