Business

Vietnam shares track Asian markets

National stocks on Oct. 26 were in harmony with Asian markets, reversing earlier losses on the hopes that a specific plan to deal with the eurozone debt crisis will be finalised at the upcoming EU summit.
National stocks on Oct. 26 were in harmony with Asian markets, reversingearlier losses on the hopes that a specific plan to deal with theeurozone debt crisis will be finalised at the upcoming EU summit.

Some supporting information has also emerged to help shore up thedomestic market. According to the General Statistics Office, the tradedeficit in October shrank by nearly 50 percent from the previous month,falling to 800 million USD on the strength of crude oil and coal exportsand reduced auto and auto part imports.

On a morenegative side, Government bonds have become less attractive, with therate of bonds finding buyers falling from 49 percent in August to just 1percent in the first two weeks of October.

In addition,the Ministry of Finance has said in a document that the retail price ofpetrol could not be reduced because the base prices of most petroleumproducts on the international market are higher than current prices onthe domestic market.

Ninety-two stocks on the HCM StockExchange closed Oct. 26's session higher, with the benchmark VN-Indexadvancing by 0.66 percent to 412.10 points.

The value oftrades jumped 47.1 percent over Oct. 25's level to 566.4 billion VND(27.1 million USD) on a volume of 25.3 million shares.

"This level is still low and such a rally is just a technicalcorrection," VNDirect Securities Co analysts said in a note. "Investorsare inclined to keep a high ratio of cash in their portfolios."

Among the 10 leading shares by capitalisation, only shares of realestate developer Hoang Anh Gia Lai (HAG) and Sacombank (STB) saw losses,while insurer Bao Viet Holdings hit its ceiling price of 65,500 VND (3USD) per share.

A number of blue chips, includingVietinbank (CTG), Vietcombank (VCB), Bao Viet (BVH), Phu My Fertiliser(DPM) and steelmaker Hoa Phat (HPG), have also released positive earningreports this week.

Real estate developer Hoang Quan (HQC) was the most-active share in HCM City , with 1.55 million traded.

On the Hanoi Stock Exchange, the HNX-Index edged up 0.37 percent Oct.26 to close the session at 67.97 points. However, the value of tradeswas just 217.7 billion VND (10.4 million USD) on a volume of 21.3million shares, and decliners outnumbered advancers by 114-88.

Kim Long Securities Co (KLS) was again the most-active share nationwide with 2.75 million shares changing hands.

Foreign investors were buyers on both bourses Oct. 26 by a combined net of 127.2 billion VND (6 million USD)./.
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