Business

Experts remain upbeat of recovery

On the Ho Chi Minh City Stock Exchange on December 27, both the VN-Index and the VN30 Index tracking the city's top 30 shares decreased 0.03 per cent.
On the Ho Chi Minh City Stock Exchange on December 27, both the VN-Indexand the VN30 Index tracking the city's top 30 shares decreased 0.03 percent.

The VN-Index slipped to 506.41 points. The tradingvalue and volume reached more than 1 trillion VND (47.1 million USD) and73.7 million shares, respectively.

Among the 30 blue chipstracked by the VN30 Index, the losers were twice the number of gainers.The index fell to 562.28 points.

On the Hanoi Stock Exchange,the HNX-Index declined 0.25 per cent to 67.93 points with a totalturnover of just 374 billion VND (17.6 million USD).

The HNX30 Index, representing the performance of the 30 largest stocks, also slid more than 0.5 percent to 127.69 points.

Notably, the three stocks leading the market in terms of tradingvolume – PetroVietnam Construction (PVX) with 10.3 million shares,financial group FLC (FLC) with 7.3 million shares and property developerHoang Quan (HQC) with 5.6 million shares – plunged to their floorprices.

Despite declines, experts remain optimistic about thenext year's prospects. Senior economic expert Nguyen Tri Hieu said themarket could rally 30 percent from current levels in 2014.

"Thetarget of seven per cent inflation and 5.8 percent growth in GDP isachievable, which creates a favourable condition for securities," headded.

In contrast, the real estate market will take muchlonger to recover. "Therefore, shares will be a better choice forinvestors," he remarked.

Tran Van Dung, president of the HanoiStock Exchange, noted: "The market rally in the third quarter is a signof economic recovery and indicates the stock market could improvesignificantly in 2014."

In addition, the State SecuritiesCommission president, Vu Bang, stated that in order to generate momentumfor economic growth, Vietnam should permit an increase in theforeign ownership of domestic firms and encourage the privatisation ofstate-owned enterprises.-VNA
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