Saturday,  Feb 23, 2019,11:20 (GMT+7) 0 0
Stock gains extend
By Thanh Thom
Tuesday,  Feb 12, 2019,19:32 (GMT+7)

Stock gains extend

By Thanh Thom

Prime Minister Nguyen Xuan Phuc beats the gong to open the Lunar New Year’s trading session on the Hanoi Stock Exchange today – PHOTO: VNA

HCMC – Local stocks rallied for the second session today, January 12, after the end of the long Lunar New Year holiday (Tet) as banks and property developers are performing well on earnings expectations.

With 180 advancers and 113 decliners, the benchmark VN-Index of the Hochiminh Stock Exchange rose by 11.44 points, or 1.24%, over the previous session to 937.54 points.

Active cash flow stoked trade on the southern bourse as trading volume and value expanded 51% and 43.6% day-on-day at 188 million shares and VND4.2 trillion.

All of the top 10 stocks by market capitalization made gains. Property developer VIC went up to an intraday high of VND109,100, a 4.9% rise over the previous day. They were followed by consumer goods firm MSN at VND82,300 (2.62%), brewer SAB at VND237,800 (1.93%), and lender BID at VND32,450.

In the banking sector, MBB was the only loser, losing a slight 0.23% at VND22,000 per share, while other lenders were in positive territory.

Property firm HAG stood out among speculative stocks as it saw a staggering 11.27 million shares changing hands and edging up to its ceiling price of VND5,300 per share.

Despite failing to reach its ceiling, FLC, another real estate developer, came in second with 9.79 million shares transacted, and its value advanced 2.6% at VND5,390 each.

A large number of other speculative stocks such as DLG, HQC, ITA and ASM also finished the day in positive territory and improved their liquidity.

Meanwhile, the HNX-Index of the Hanoi Stock Exchange managed to gain 0.8 point, or 0.76%, at 106.04.

The market saw some 36 million shares worth VND446 billion changing hands, up 11.8% and 22.6%, respectively, versus the previous session.

Plastics producer NTP was the only heavyweight to suffer a slight decline of 1.22% at VND40,500 while construction firm VCG and road passenger transportation service provider DL1 closed unchanged.

Lender ACB, the top heavyweight on the market, inched up 0.99% at VND30,500. Its fellow SHB added 1.32% at VND7,700 and took the lead by liquidity with 7.18 million shares traded.

Speaking at the reopening ceremony of the Hanoi exchange today after Tet, Prime Minister Nguyen Xuan Phuc expressed his delight at the vigorous development of the stock market over the past two decades, saying the market capitalization has increased by almost 17-fold in 12 years and that it accounted for 72% of gross domestic product last year, compared to only 22.7% in 2006.

Capital raised by the private sector through the issuance of corporate bonds and stocks soared by 70% in 2017 and 30% in 2018 to VND68 trillion (US$2.9 billion), turning Vietnam into one of the Southeast Asian nations with the largest amount of capital raised through stock exchanges.

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