Business

Stocks rally past 580 threshold

The VN-Index on July 3 finally surpassed the "hard" threshold of 580 points after several crashes. It rose 1.07 percent to close the session at 585.02 points.
The VN-Index on July 3 finally surpassed the "hard" threshold of 580points after several crashes. It rose 1.07 percent to close the sessionat 585.02 points.

Strong local buying pumped up the market whenliquidity increased over the previous session. Market volume was up 25percent, totalling nearly 131.5 million shares and fund certificates.

The value of trades also went up 20 percent to more than 2 trillion VND (94.8 million USD).

Bluechips recovered as most of the top 30 shares by market value andliquidity gained, pushing the VN30 up 1.12 percent to end at 627.17points.

PV Gas (GAS), the main drag of the Index in the previoussessions, climbed 1.8 percent to 111,000 VND (5.21 USD) a share on July3.

Other blue chips such as Vinamilk (VNM), Bao Viet Holdings(BVH), FPT Corp (FPT), Hoa Phat Group (HPG), VinGroup (VIC) and Hoa SenGroup (HSG) also advanced.

Realty stocks continued to draw speculative investors as four of the five most active codes were from this sector.

TanTao Investment Industry Corp (ITA) was again the most heavily-tradedstock in Ho Chi Minh City, with nearly 11.7 million shares exchanged.They increased by 3.66 percent to close at 8,500 VND.

Accordingto analysts at FPT Securities Co, investor confidence was boosted byoptimistic economic data in the first half of this year, which helpedlift the VN-Index to a nearly three-month high.

Investors expectsuch positive results will be translated into the first-half corporateearnings reports that will be released soon.

On the Hanoi StockExchange, the HNX-Index added another 0.96 percent to end at 79.66points and the HNX30 improved by more than 1 percent to stand at 162.32points.

Trading was bullish when both market volume and valuegrew 70 percent over the previous session, totalling 130 million sharesworth 1.28 trillion VND (60.7 million USD).

Saigon-Hanoi Bank(SHB) was the most active stock with 10.2 million shares traded. Theshares rose more than 1 percent to settle at 9,900 VND a share. Inaddition, another 32 million shares were exchanged via negotiations.

Foreigninvestors again concluded on July 3 as net buyers on the two stockexchanges, picking up shares worth a combined 62.7 billion VND (3million USD).-VNA
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