Shares end the year on a high
Shares end the year on a high
The market closed the last trading session of 2013 in the black on both national stock exchanges, and forecasts were positive for the new year.
On Tuesday, the VN-Index on the HCM City Stock Exchange earned 0.86 per cent to reach 504.63 points.
However, liquidity was low due to the approaching holiday. Nearly 61 million shares changed hands with a total value of only VND869.5 billion (US$41.4 million).
The VN30-Index, tracking the southern city's 30 largest shares by capitalisation and liquidity, gained 1.05 per cent to reach 562.2 points, thanks to gains for 26 out codes.
PetroVietnam Transportation (PVT) on Tuesday increased VND700 ($0.03) per share to hit its ceiling price.
Only logistics company Gemadebt (GMD), Masan Group (MSN), PetroVietnam Low-Pressure Gas Distribution (PGD) and Vinamilk (VNM) kept their reference prices on Tuesday, and the southern bourse saw no blue chips losing.
Overall, 182 codes in the southern bourse added value, while 43 codes lost.
On the Ha Noi Stock Exchange, the HNX-Index rose 1.32 per cent to 67.84 points but with low liquidity.
With 39.8 million shares traded, the total value reached VND275.9 billion ($13.13 million).
The HNX30-Index, comprising the top 30 shares of the northern bourse, gained 1.88 per cent to reach 125.98 points.
The increases in benchmark indices during the last trading session of 2013 was attributed to the release of information that the Prime Minister would approve a regulation allowing foreign investors to hold 60 per cent of stakes in several listed companies, an increase from the current 49 per cent they are able to hold.
However, for short-term fluctuations, FPT Securities noted that risks existed and domestic investors should wait for the reactions of the market when the room for foreign investors increases.
The Tuesday rally also marked a successful year for the Vietnamese stock market, with strong long-term recoveries, according to FPT Securities.
Last year, the VN-Index soared 21.97 per cent over the end of 2012, and the HNX-Index jumped 18.83 per cent. Many analysts forecast a good year for the stock market in 2014.
On average, nearly VND1.4 trillion ($66.67 million) was poured into the market each session, with more than 100 million shares traded last year.
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