Investors follows transactions at Saigon Securities Inc (SSI) in Hanoi (Photo: VNA) Hanoi (VNS/VNA) -Shares performed well on the Ho Chi Minh Stock Exchange on December 12 on theefforts of energy and beverage stocks following news about the State’sdivestment from largest brewer Sabeco and a jump in oil prices.
The benchmark VN Index gained1.07 percent to close at 927.25 points, rebounding from the previous sharp fallof 2.42 percent.
More than 243 million shares weretraded on the southern exchange, worth 5.8 trillion VND (258.3 million USD).
The figures posted a quarterincrease in trading volume and a 27 percent rise in trading value compared to December11.
The market’s rebound wasattributed to the growth of the energy and beverage sectors, which were liftedby brewer Sabeco (SAB), dairy producer Vinamilk (VNM), PetroVietnam Gas (GAS)and PetroVietnam Drilling and Well Services (PVD).
The two energy shares, GAS andPVD, increased by 4.6 percent and 6.7 percent, respectively, boosting theenergy industry index up 3.6 percent, data on news site vietstock.vn showed.
The sharp rise came after Brentcrude added nearly 1 percent to rise above 65 USD a barrel for the first timesince 2015 following the shutdown of the Forties North Sea pipeline.
Sabeco shares advanced 6.8 percent– hitting its daily increasing margin – after the Ministry of Industry andTrade (MoIT) on December 11 announced Vietnam Beverage Co Ltd had registered topurchase at least 25 percent of Sabeco shares at the firm’s coming stake saleon December 18.
Sabeco is seen as Vietnam’slargest brewer with the Government, through the MoIT, holding more than half ofthe company’s capital.
The news also helped pull updairy producer Vinamilk shares by 1.8 percent. Vinamilk is also anotherlarge-cap firm in which the Government is holding the controlling stake.
In addition, the large-cap grouprecovered after having traded in the negative side for most of Tuesday’ssession.
Eighteen of the 30 largest stocksby market capitalisation in the VN30 Index advanced, lifting the large-capindex by 0.72 percent to 914.82 points from its intraday low level of 883.52points.
On the Hanoi Stock Exchange, theHNX Index fell 0.78 percent to end at 110.91 points, recouping some of its lossfrom the intraday low level of 106.84 points.
More than 90.5 million shareswere traded on the northern bourse, worth 1.28 trillion VND (56.4 million USD).
According to Bao Viet Securities(BVSC), the flow of money was not distributed fairly among all sectors andfocused only on large-cap stocks, thus, lifting both the large-cap group andthe stock market.
“The market’s overall sellingpressure remained high and we are doubtful that the stock market would make itback to its upward trend at the moment,” BVSC said in a note, adding that thebenchmark VN Index could fall further to the range of 895-900 points.-VNA
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