Markets close on New Year high

Investors exchange information at BIDV Securities' stock trading floor -VNS Photo Truong Vi

A spate of listed companies, mostly blue chips, reported profit growth for the last fiscal year.

Companies, including Refrigeration Electrical Engineering (REE), the Masan Group (MSN), Tan Tao Investment (ITA), PetroVietnam Drilling Services (PVD) and PetroVietnam General Services (PET) announced profit growth of between 9 and 100 per cent, ranging from VND159 billion (US$7.5 million) to VND3.12 trillion ($146.5 million).

Pha Lai Thermalpower (PPC), reported a strong profit of VND1 trillion ($46.9 million), despite its profit having dropped 36 per cent.On the HCM City Stock Exchange, the VN-Index gained 0.44 per cent to close at 587.24 points.

The total market turnover touched VND1.2 trillion ($56.3 million) on a volume of over 73.8 million shares.

Blue chips, particularly the 30 biggest stocks in terms of capitalisation and liquidity, helped the VN30 Index rise by 0.63 per cent to 617.20 points.

Of these 30 stocks, the advancers outnumbered the decliners by 19 to 7.

Property developer FLC Group (FLC) was still the most active code with more than 7.7 million shares changing hands. It rose 1.8 per cent.

On the Ha Noi Stock Exchange, the HNX-Index closed at 85.26 points, up 0.65 per cent.

Its liquidity was pegged at VND403.3 billion ($18.9 million) and 32.16 million shares.

The HNX30, comprising of the northern bourse's 30 stocks, rose slightly by 0.54 per cent to close at 165.18 points.

According to the BIDV Securities Company, as the VN-Index could not break the threshold of 590 points and liquidity remained low, this increase cannot be seen as positive. In addition to that, the market will experience selling pressure for some specific shares, the company said in a report.

"The uptrend in the local stock market will only be obvious if liquidity improves," commented Bao Viet Securities Company analyst Tran Duc Anh.