ID :
52674
Sat, 03/28/2009 - 16:53
Auther :
Shortlink :
http://m.oananews.org//node/52674
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Sugglish growth fails to ruffle market
Hanoi (VNA/VNS) - Domestic share prices advanced strongly on March 26 despite news on March 25 that the economy grew in the first quarter at a far more sluggish pace than it had set in 2008.
GDP growth was fixed at 3.1 percent for the period, compared to last year's first
quarter growth of 7.4 percent, according to the Ministry of Planning and Investment.
Braving the news, VN-Index rose 8.62 points to close at 286.25, an increase of 3.1
percent. Trading volume remained high, at 25.9 million shares, for a value of over
582 billion VND (34.2 million USD).
Refrigeration Electrical Engineering (REE), Hoa Phat Group (HPG) and Pha Lai Thermal
Power (PPC) all hit the ceiling of their regulated trading bands, while
market-leader Sacombank (STB) generated orders for 3.3 million shares.
Foreign investors contributed significantly to the day's gains, picking up a
significant volume of blue chips, including shares of Phu My Fertilisers (DPM),
PetroVietnam Finance (PVF) and FPT, before ending the day as net buyers of 2.3
million shares worth 74.7 billion VND (4.4 million USD).
"Recent foreign investor moves to buy in are not surprising," wrote Vietnam
International Securities Co in a report, saying global economic developments played
an important part in their investment decisions.
"We are confident about the long-term growth prospects of the Vietnamese economy and
stock market," added Pham Ngoc Binh, general director of Prudential Vietnam
Investment Fund Management Co.
"The GDP growth is below the expectations of domestic investors, but in my opinion,
it is higher than what foreign investors have forecast," said Tran Quang Hung, a
client of SeABank Securities Co. "Steadier foreign confidence is facilitating the
market's upward move."
In Hanoi , the HASTC-Index recovered its starting point of 100, after gaining
1.64 percent of the day. Trading volume was 13.3 million shares, worth nearly 260
billion VND (15.3 million USD). Kim Long Securities (KLS) led the northern market
with 2.6 million shares traded, followed by Asia Commercial Bank (ACB) with around 2
million.-Enditem
GDP growth was fixed at 3.1 percent for the period, compared to last year's first
quarter growth of 7.4 percent, according to the Ministry of Planning and Investment.
Braving the news, VN-Index rose 8.62 points to close at 286.25, an increase of 3.1
percent. Trading volume remained high, at 25.9 million shares, for a value of over
582 billion VND (34.2 million USD).
Refrigeration Electrical Engineering (REE), Hoa Phat Group (HPG) and Pha Lai Thermal
Power (PPC) all hit the ceiling of their regulated trading bands, while
market-leader Sacombank (STB) generated orders for 3.3 million shares.
Foreign investors contributed significantly to the day's gains, picking up a
significant volume of blue chips, including shares of Phu My Fertilisers (DPM),
PetroVietnam Finance (PVF) and FPT, before ending the day as net buyers of 2.3
million shares worth 74.7 billion VND (4.4 million USD).
"Recent foreign investor moves to buy in are not surprising," wrote Vietnam
International Securities Co in a report, saying global economic developments played
an important part in their investment decisions.
"We are confident about the long-term growth prospects of the Vietnamese economy and
stock market," added Pham Ngoc Binh, general director of Prudential Vietnam
Investment Fund Management Co.
"The GDP growth is below the expectations of domestic investors, but in my opinion,
it is higher than what foreign investors have forecast," said Tran Quang Hung, a
client of SeABank Securities Co. "Steadier foreign confidence is facilitating the
market's upward move."
In Hanoi , the HASTC-Index recovered its starting point of 100, after gaining
1.64 percent of the day. Trading volume was 13.3 million shares, worth nearly 260
billion VND (15.3 million USD). Kim Long Securities (KLS) led the northern market
with 2.6 million shares traded, followed by Asia Commercial Bank (ACB) with around 2
million.-Enditem
