VN-Index gains despite wariness

11/04/2012 15:17:24 - views: 2,421

The VN-Index closed at 450.85 points, up just 0.03 per cent from Monday, with investors unsure about predictions of an uptrend.

On the HCM City Stock Exchange, market value climbed 44.5 per cent from the previous session to over VND1.31 trillion (US$62.4 million), while the volume of shares traded increased 32.3 per cent to 87.7 million.

Blue chips were mixed. Seventeen of the 30 leading shares by market value and liquidity rallied while 11 declined, lifting the VN30 Index by 0.34 per cent to stand at 517.40 points.

Gainers included food processor Masan Group (MSN) and Sacombank (STB), both up over 2.5 per cent, while Vietcombank (VCB) and Phu My Fertiliser edged up over 1 per cent.

On the Ha Noi Stock Exchange, the HNX-Index slumped 2.13 per cent to end yesterday at 76.28 points, but both market volume and value rose over 22 per cent, totalling 87.7 million shares worth VND868.4 billion ($41.4 million).

Losers outnumbered gainers by 151-88, with eight of the 10 leading shares by market capitalisation losing ground.

Habubank (HBB) continued to lead trading nationwide with 9.46 million shares changing hands, but closed down 2.86 per cent at VND6,800.

The market is unlikely to drop sharply as purchasing power is increasing, encouraging investors to look at lower valued shares, according to FPT Securities Co analysts.

They said there was a high possibility that cash flow would shift from the gold market to the stock market in the near future when a new decree that tightens control over the market takes effect in May.

"Accompanied by the increasing net buys of foreigners in recent weeks time, we believe the prospect of an uptrend is much higher than in the previous week's trading," they wrote in a market report.

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