Business

Shares rise in HCM City, stall in Hanoi

The VN-Index gained another 0.24 percent to close at 461.13 points on March 31, but trading on the HCM Stock Exchange remained in the doldrums, declining 19 percent from the previous day's session.
The VN-Index gained another 0.24 percent to close at 461.13 points onMarch 31, but trading on the HCM Stock Exchange remained in thedoldrums, declining 19 percent from the previous day's session to just541.8 billion VND (25.9 million USD), on a volume of under 28 millionshares.

Decliners outnumbered gainers by 114-94,with 11 codes rising to their ceiling prices and 11 dropping to theirfloor prices. Vien Dong Pharmaceuticals (DVD) hit the ceiling at 14,200VND (0.68 USD) after its general shareholders meeting approved a plan tosell off assets to pay debts. Binh Dinh Minerals (BMC) also rose to theceiling at 28,800 VND (1.38 USD) after a few sessions of heavydeclines.

Blue chips performed erratically. WhileVietinbank (CTG), Eximbank (EIB) and insurer Bao Viet Holdings (BVH) alllost value, shares of Masan Group (MSN) rose by over 3 percent, andSacombank (STB) and PetroVietnam Finance each closed up by about half apercent.

Saigon Securities Inc (SSI) and Sacombank(STB) were the most-active shares on the HCM City bourse, withvolumes of nearly 1.3 million each.

Petrol pricehike on March 30 was the second time since early this year the FinanceMinistry officially adjusted the retail petrol prices upward, and NguyenTien Thoa, director of the ministry's Price Management Department, saidthis decision would make the inflation rate in April surge by 0.4percent.

Analysts with HCM City Securities Co wrotein a market analysis that the surprising hike in petrol prices was takenin stride by investors.

On the Hanoi StockExchange, the HNX-Index closed unchanged at 91.47 points, while both thevalue and volume of trades declined by around 21 percent to a meagre351.6 billion VND (16.8 million USD), with 24.5 million shares changinghands.

Advancers outnumbered decliners by 157-104,however, with VNDirect Securities Co (VND) becoming the most-activeshare on a volume of 1.8 million. VND closed up 1.3 percent to 15,200(0.73 USD).

Foreign investors continued to be netbuyers on March 31 on both national stock exchanges, picking up acombined net of over 1.9 million shares, worth a net of 56 billion VND(2.7 million USD). /.

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