Blue chips gain ground, lift VN-Index

Market volume continued to rise by more than 25 per cent compared with Thursday's figures, as more than 37.6 million shares worth VND959.4 billion ($49.2 million) changed hands.

Advancers outnumbered losers by 156-82.

Influential stocks Bao Viet Holdings (BVH), PetroVietnam Finance (PVF) and Vincom (VIC) all rose to their ceiling prices yesterday. Of which, VIC posted a high net profit of VND2.34 trillion ($120 million) in 2010, an increase of 76 per cent compared with the previous year's figure.

Foreign investors again contributed to the blue chips' rally yesterday after they bought up 6.86 million shares. Investors concentrated on purchasing blue chips including Vietcombank (VCG) and Hoang Anh Gia Lai Group (HAG).

VCB rallied by 4.3 per cent while HAG rose 1.8 per cent, after the Standard & Poor's assigned the group a B long term corporate credit rating.

Other major stocks also rallied. Vietinbank (CTG) increased 3.8 per cent; Kinh Bac City Development (KBC) was up by 2.8 per cent.

Both Masan Group (MSN) and Phu My Fertiliser (DPM) rose by 1.2 per cent.

On the Ha Noi Stock Exchange, the HNX-Index rebounded during the final minutes of the session and closed at 106.63 for the second day.

Gainers outnumbered losers by 161-109.

Market volume and value increased by 16 per cent to nearly 22 million shares worth VND402.7 billion ($20.7 million).

Blue chips also rose on the Ha Noi bourse. Tien Phong Plastic (NTP) rose 4.2 per cent and Kim Long Securities and giant construction Vinaconex (VCG) were up by 1.3 per cent.

VNDirect Securities Co (VND) was the most heavily-traded stock with more than 1.7 million shares traded, but the stock fell by 1.5 per cent.

Foreign investors yesterday picked up the heaviest net buys since the beginning of the year, 5.4 million shares worth VND184 billion ($9.4 million).

Viet Nam's stock market will close trading next Monday and will re-open on February 8.