Share jump on prime rate decision
The VN-Index gained 3.53 percent to
close at 497.90 on Jan 26, as the value of trades on the HCM City Stock
Exchange edged back up to 1.42 trillion VND (76.7 million USD), on a
volume of 32.7 million shares.
The VN-Index gained 3.53 percent to
close at 497.90 on Jan 26, as the value of trades on the HCM City Stock
Exchange edged back up to 1.42 trillion VND (76.7 million USD), on a
volume of 32.7 million shares.
Sacombank (STB) was the day’s most-active share, with a volume in excess of 1.82 million.
The State Banks announcement on Jan. 25 that it would leave the prime rate unchanged, as well as news of a successful sale of Government bonds overseas, was greeted enthusiastically by the market.
“Demand began returning on Jan. 25 but was burdened by concerns over the economic situation,” said Nguyen Duy Tan a broker with a Hanoi-based securities firm, noting that the positive news later on the day help spur the market on Jan 26.
Meanwhile, the successful bond issue helped confirm over-seas interest in the country’s investment environment and consoled local investors worried about the economic picture, Tan said.
But he also noted the common trend of investors taking a breather in the run-up to Tet (lunar new year) and said he expected the market to continue to be sluggish.
“When the excitement about today’s hot news is over, this behaviours will continue driving the market,” he said. “We will see some ups and downs before the lunar holiday comes.”
The Hanoi-market rebounded even more strongly, with the HNX-Index jumping by 5.17 percent to end the day’s trading at 165.46.
Value of trading on the Hanoi Stock Exchange rose to 632.9 billion VND (34.2 million USD), on a volume of 20.1 million shares.
PetroVietnam Construction (PVX) led trading, with 3 million shares changing hands, thanks to its announced decision to increase its charter capital in the first quarter to 2.5 trillion VND (133 million USD).
Foreign investors bucked the prevailing trend to become net sellers on both markets, but by a modest net of 250,000 shares./.
Sacombank (STB) was the day’s most-active share, with a volume in excess of 1.82 million.
The State Banks announcement on Jan. 25 that it would leave the prime rate unchanged, as well as news of a successful sale of Government bonds overseas, was greeted enthusiastically by the market.
“Demand began returning on Jan. 25 but was burdened by concerns over the economic situation,” said Nguyen Duy Tan a broker with a Hanoi-based securities firm, noting that the positive news later on the day help spur the market on Jan 26.
Meanwhile, the successful bond issue helped confirm over-seas interest in the country’s investment environment and consoled local investors worried about the economic picture, Tan said.
But he also noted the common trend of investors taking a breather in the run-up to Tet (lunar new year) and said he expected the market to continue to be sluggish.
“When the excitement about today’s hot news is over, this behaviours will continue driving the market,” he said. “We will see some ups and downs before the lunar holiday comes.”
The Hanoi-market rebounded even more strongly, with the HNX-Index jumping by 5.17 percent to end the day’s trading at 165.46.
Value of trading on the Hanoi Stock Exchange rose to 632.9 billion VND (34.2 million USD), on a volume of 20.1 million shares.
PetroVietnam Construction (PVX) led trading, with 3 million shares changing hands, thanks to its announced decision to increase its charter capital in the first quarter to 2.5 trillion VND (133 million USD).
Foreign investors bucked the prevailing trend to become net sellers on both markets, but by a modest net of 250,000 shares./.
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