A tale of contrasting fortunes

January 13, 2012 | 16:00

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Major stocks drove up the market strongly Friday amid downbeat investors.

All the four pillar stocks jumped on Ho Chi Minh Stock Exchange (HoSE). Bao Viet Holdings (BHV) hit the ceiling for the fourth straight session, Masan Group (MSN) also hit the ceiling, while Vinamilk (VNM) and Vincom Corp. (VIC) both jumping VND1,000 each.

Some banking shares continued rallying. Vietinbank (CTG) hit the ceiling for two consecutive sessions to VND20,500. Vietcombank (VCB) and Military Bank (MBB) advanced, among them MBB had risen for the fifth straight session.

Several speculative stocks rallied tracking the gains of blue-chips. Saigon Securities Inc. (SSI) jumped 3.3 per cent with 700,000 units matched. Real estate major stocks Song Da Urban & Industrial Zone Investment and Development (SJS), Licogi 16 (LCG), Hoang Anh Gia Lai (HAG), Ocean Group (OGC) massively gained.

Several mid-cap and small-cap stocks like Becamex Infrastructure Development (IJC), Ninh Van Bay Real Estate (NVT), Tu Liem Urban Development (UDC), Sao Mai Construction Corp. (ASM), Binh Duong Trade and Development (TDC) rallied.

Up to 135 stocks ended up at the close, compared with 106 off and 65 ending flat. The benchmark VN-Index soared 6.22 points or 1.79 per cent to close at 354.33 points.

The market rebound came amidst central bank governor Nguyen Van Binh’s fresh statements about banking policies in 2012. The governor expected that interest rates cod not reduced before the first quarter, while indicating that there were up to eight commercial banks being merged or acquired.
Liquidity was almost unchanged, with buyers hesitant to cash in the market on fears about bull-trap. Total volume reached 22 million shares worth VND423.1 billion ($20.4 million).

STB still outperformed the market with 1.8 million shares matched, while all the other having matching volumes of less than 800,000 units each.

Hanoi Stock Exchange (HNX) added 0.46 points or 0.82 per cent to 56.27 points. As many as 125 stocks advanced on the northern bourse, while just 75 stocks declining.

Buying power slightly increased on major stocks Kim Long Securities (KLS) and VNDirect Securities (VND) with more than 2 million shares matched each. Total volume was of 20.1 million shares worth VND157.8 billion ($7.6 million).