ID :
35534
Sun, 12/14/2008 - 00:45
Auther :
Shortlink :
http://m.oananews.org//node/35534
The shortlink copeid
Market rallies on stronger volumes
Hanoi (VNA) - The VN-Index fell just short of climbing back up above the
300 - joint barrier, gaining 10.61 points on Dec. 12 - or 3.67 percent - to
close at 299.54, on significantly improved volume.
Trading volume rose by 60 percent over Dec. 11, with 11.78 million shares
changing hand during Dec. 12's session, for a turnover of 273.7 billion VND
(16.5 million USD).
The day saw 158 gainers and eight losers.
Most active codes included Sacombank (STB), with a volume of 2.2 million
shares, and Refrigeration Electrical Engineering (REE), with 1.1 million.
Foreign investor transactions were modest, at about 2.6 million shares
total, and foreign investors once again became net sellers by 852,000
shares, with a net sales value of 3.4 billion VND (206,000 USD).
"It would be overly optimistic to expect an immediate, dramatic rebound
for the VN-Index," said FPT Securities analyst Nguyen Tuan. "There is a
possibility that the market will continue to decline in the short term...
with investor concerns about the situation of the economy in general, and
listed firms in particular, being a major reason.
"Nothing would stimulate the market more than actual improvement in the
world and domestic economy," Tuan added. "What's expected is stronger
Government support for companies, particularly in terms of interest and
exchange rates."
Meanwhile, he said, there was little chance of a worst case scenario of
the VN-Index falling below 230 points.
"There's just no basis for a sell-off in the near future. There's little
pressure on investors now to cut losses or restructure investment
portfolios, as occurred when the VN-Index hovered at round 400 points."
In Hanoi on Dec. 12, the HASTC-Index also gained 3.95 percent to close
at 105.9 points, with 132 codes advancing and 18 declining. About 8.5
million shares changed hands for a total value of 199 billion VND (12
million USD).
Asia Commercial Bank (ACB) led the northern exchange with 1.64
million shares traded, followed by Kim Long Securities (KLS) with 1.1
million shares.-Enditem
300 - joint barrier, gaining 10.61 points on Dec. 12 - or 3.67 percent - to
close at 299.54, on significantly improved volume.
Trading volume rose by 60 percent over Dec. 11, with 11.78 million shares
changing hand during Dec. 12's session, for a turnover of 273.7 billion VND
(16.5 million USD).
The day saw 158 gainers and eight losers.
Most active codes included Sacombank (STB), with a volume of 2.2 million
shares, and Refrigeration Electrical Engineering (REE), with 1.1 million.
Foreign investor transactions were modest, at about 2.6 million shares
total, and foreign investors once again became net sellers by 852,000
shares, with a net sales value of 3.4 billion VND (206,000 USD).
"It would be overly optimistic to expect an immediate, dramatic rebound
for the VN-Index," said FPT Securities analyst Nguyen Tuan. "There is a
possibility that the market will continue to decline in the short term...
with investor concerns about the situation of the economy in general, and
listed firms in particular, being a major reason.
"Nothing would stimulate the market more than actual improvement in the
world and domestic economy," Tuan added. "What's expected is stronger
Government support for companies, particularly in terms of interest and
exchange rates."
Meanwhile, he said, there was little chance of a worst case scenario of
the VN-Index falling below 230 points.
"There's just no basis for a sell-off in the near future. There's little
pressure on investors now to cut losses or restructure investment
portfolios, as occurred when the VN-Index hovered at round 400 points."
In Hanoi on Dec. 12, the HASTC-Index also gained 3.95 percent to close
at 105.9 points, with 132 codes advancing and 18 declining. About 8.5
million shares changed hands for a total value of 199 billion VND (12
million USD).
Asia Commercial Bank (ACB) led the northern exchange with 1.64
million shares traded, followed by Kim Long Securities (KLS) with 1.1
million shares.-Enditem
