Business

Share growth suggests uptrend on both bourses

The VN-Index on the Ho Chi Minh City Stock Exchange closed at 507.78 points last week, increasing 0.4 percent over the previous week, 2 percent compared to October and 22.74 percent since the beginning of this year.
The VN-Index on the Ho Chi Minh City Stock Exchange closed at 507.78points last week, increasing 0.4 percent over the previous week, 2percent compared to October and 22.74 percent since the beginning ofthis year.

Trading value and volume averaged around1.24 trillion VND (58.4 million USD) and 95.4 million shares, declining22 percent and 20.5 percent respectively.

The mostnotable session was on November 27, when the VN-Index broke itsresistance level of 510 points. "Although the uptrend did not last untilthe following day, it revealed a better appetite than October,"commented FPT Securities Co analyst Nguyen Van Quy.

The HNX-Index reached 65.19 points, rising 5.75 per cent compared to October.

The average value of trades was 299.6 billion VND (14.1 million USD)per session, only 71 percent of the previous week's level.

Selling pressure on penny and speculative stocks increased during theweek, as the market saw strong gains during the past month and pricesreached attractive levels for sale activities.

Yetdespite improved investor sentiment, uncertainties remained about theupcoming portfolio revision of exchange-traded funds. "The changes arehard to predict, and they will surely affect overall trading," Quy said.

However, expectations were set for the firstquarter of next year as businesses announced their financial reports.Quy hoped that after the funds' revision and several operation reportswere released, blue chips would lead a new rally for 2014. The nation'sconsumer price index (CPI) rose only 0.34 percent last month.

"This relatively low increase signals that CPI can successfully remainunder 8 per cent for the entire year," Quy said. This would meanmonetary policies could be loosened in order to boost credit growth to12 percent.

Foreign investors were net buyers lastweek. Although this trend declined in mid-week sessions, they returnedto buying Friday, keeping investor sentiment stable.

They bought 109.2 billion VND (5.1 million USD) on the HCM City StockExchange, favouring blue chips such as private equity firm Masan Group(MSN), steelmaker Hoa Phat (HPG), PetroVietnam Drilling Services (PVD)and logistics company Gemadept (GMD). In Hanoi, their net sales reached48.8 billion VND (2.3 million USD).-VNA
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