Brighter economic picture brings investors into the frame

August 29, 2011 | 15:00

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The market soared with investors aggressively buying shares Monday, as the local macroeconomic picture showed signs of brightening.

Domestic gasoline prices reduced VND500 per litre (not litter !!) since the end of last week, after food prices eased. The central bank, meanwhile, is showing its determination to lower interest rates to 17-19 per cent next month.

After those positive movements, the stock market rallied today with the VN-Index jumping 8.96 points or 2.22 per cent to 413.37 points. Volume sharply rose nearly 40 per cent to 40.7 million shares, worth VND615 billion ($30 million).

Saigon Securities Inc. (SSI) outperformed the market with more than two million shares matched, followed by Sacom Development and Investment Corp. (SAM) matching 1.99 million shares.

Three-fourths of the market or 212 stocks advanced, among them 86 hitting the ceiling. Just 41 stocks declined and 37 ended flat.

Blue-chips led the gainers with Hoang Anh Gia Lai (HAG), Bao Viet Holdings (BVH), Quoc Cuong Gia Lai (QCG) hitting the ceiling and Vincom Corp. (VIC), Masan Group (MSN) and Vinamilk (VNM) strongly jumping.

Major speculative stocks like PetroVietnam Finance (PVF), Tan Tao Investment Industry Corp. (ITA) and Kinhbac City Development Share Holding Corp. (KBC) also massively hit the ceiling.

The HNX-Index of Hanoi Stock Exchange soared 2.08 points or 3 per cent to 71.33 points. Investors aggressively bid for shares on the bourses, seeing a mass of stocks hitting the ceiling.

Up to 53.4 million shares changed hands. Value reached VND581.7 billion ($28.4 million), up as high as 68 per cent.

At the close, 247 stocks climbed on the market with 128 hit ceiling, compared with just 52 off and 86 unchanged.

By Hai Linh

vir.com.vn

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