Ha Noi market bests HCM City

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VietNam News English - 37 month(s) ago 2 readings

Shares opened the new week in positive territory on the Ha Noi Stock Exchange yesterday but declined on the HCM City Stock Exchange as the volume and value of trades on the southern bourse continued to sag.

HA NOI —

In Ha Noi, the HNX-Index rose by 0.39 per cent over Friday's close to conclude yesterday's session at 70.21 points. The volume of trades totalled nearly 60 million shares, worth over VND658 billion ($31.3 million), an increase of 17.7 per cent in volume and 30.3 per cent in value over Friday's levels.

Advancers outnumbered decliners by 143-103, with "hot stocks" from PetroVietnam Construction (PVX), Kim Long Securities (KLS) and VNDirect Securities (VND) all rising. KLS, on a volume of over 9 million shares, became the most-active code in Ha Noi, hitting its ceiling price.

As investor interest in shares on the Ha Noi bourse perked up, the domestic gold price declined yesterday by around VND500,000 ($24) per tael from Friday's price. At the same time, the global price lost more than $20 per ounce (one tael is equivalent to 1.2 ounces). Meanwhile, the dong reached VND21,400 per US dollar on the black market, while the interbank exchange rate remained at VND20,803.

On the HCM City Stock Exchange yesterday, the VN-Index declined by 0.3 per cent to close at 420.81 points, The value of trades decreased 17 per cent from Friday's total to just VND580.6 billion (US$27.6 million), with 37.9 million shares changing hands. Losers outnumbered gainers by 135-84.

Among the 10 leading shares capitalisation, only food processor Masan Group (MSN) closed higher, gaining 1.6 per cent to close at VND127,000 ($6) per share.

Financial conglomerate Ocean Group (OGC) became the most-active share in HCM City, with 3.16 million traded, before it hit its ceiling price of VND12,700 per share.

Foreign investors were net buyers on both bourses yesterday but by a net volume of only VND12 billion ($571,400).

Shares of Military Bank, coded MBB, lists on the HCM City today. Military Bank was a leader on the over-the-counter (OTC) market and was expected to perform well, said StoxPlus analyst Le Huu Quan.

"This could be the biggest event on the Vietnamese stock market this year, absorbing vast interest from investors," said Quan.

In other news that could impact trading in the coming sessions, the Ministry of Planning and Investment indicated yesterday that the corporate income tax might be reduced to 20 per cent in one or two years. Inflation was also forecast to increase in November by only about 0.2-0.3 per cent over October.

"If this forecast is true, it will be a very positive development in the effort to meet an overall inflation target this year of 18 per cent," said Quan. — VNS

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