Business

Renewed investor confidence spurs rally

Shares finished higher on December 19 on both national stock exchanges as investors welcomed the US Federal Reserve's (Fed) move to "taper" monthly bond buying by 10 billion USD to 75 billion USD.
Shares finished higher on December 19 on both national stock exchangesas investors welcomed the US Federal Reserve's (Fed) move to "taper"monthly bond buying by 10 billion USD to 75 billion USD.

According to MB Securities, the Fed's tapering reflected a recoveringUS economy, which would have positive impact on Vietnam's economy, beinga large trade partner. Fed tapering would also be good news for theVietnam stock market, in the long term, forecast MB Securities.

On the Ho Chi Minh City Stock Exchange, the Vn-Index advanced 0.2percent to 506.28 points, as liquidity improved with the total tradingvalue reaching 1.392 trillion VND (66.28 million USD) on the exchange of111 million shares.

Stock buyers also became more confident, although the domestic petrol price was increased on December 18.

Of the southern city's 30 top shares by capitalisation and liquidity,half managed to rise yesterday, in comparison to seven losers.

However, the overwhelming gainers, including Vinamilk (VNM), Hoa PhatGroup (HPG), Ocean Group (OCG), Hoang Anh Gia Lai (HAG) and Vietcombank(VCB), failed to support the VN30-Index. The VN30-Index lost 0.13percent to 565.52 points.

PetroVietnam Drilling(PVD) lost 1,500 VND (0.07 USD) to 60,500 VND (2.88 USD) per share andVingroup (VIC) lost 1,000 VND (0.047 USD) to 70,000 VND (3.3 USD) pershare.

Other losers included big names such asinsurance company Bao Viet Group (BVH), PetroVietnam Fertilisers andChemicals (DPM), Kinh Do (KDC), Masan Group (MSN) and Sacombank (STB).

Overall, in the southern bourse, 164 stocks added value, while 59 lost.

Tan Tao (ITA) led the southern bourse in terms of liquidity, with 9.6 million shares changing hands.

Meanwhile, on the Hanoi Exchange, the HNX-Index climbed for the fifthstraight day, closing on December 19 1.01 percent higher to reach 67.62points.

The HNXFF-Index, composed of stocks with aminimum free-float rate of 5 percent, also rose by 1.07 percent to 67.71points.

Liquidity also improved in the northernbourse, with 71.11 million shares changing hands, with a total value of573.29 billion VND (27.29 million USD).

Also, the HNX30-Index, tracking the capital city's 30 largest stocks, edged up 1.49 percent to 129.05 points.

Foreign investors concluded on December 19 as net sellers of 88.42 billion VND (4.21 million USD).-VNA
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