HA NOI — Stock indices rallied yesterday despite concerns that news of rising inflation rates would depress trading.
On the HCM City Stock Exchange, the VN-Index gained 1.08 per cent to close at 430.81 points. Trading volume, however, fell 16.1 per cent from Monday to 24.6 million shares, worth a total of VND544.4 billion (US$26.1 million).
Blue chips advanced, with steel producer Hoa Phat Group (HPG) up 2.41 per cent, financial conglomerate Ocean Group (OGC) up 1.89 per cent, Phu My Fertilisers (DPM) up 1.72 per cent, software giant FPT Corp (FPT) up 1.45 per cent, and real estate developer Hoang Anh Gia Lai (HAG) up 1.3 per cent.
Sacombank (STB) continued as the most-active stock, with 1.7 million traded.
Ha Noi broker Duong Ky Phuong said that stocks yesterday got an assist from foreign investors, who increased their net buys among blue chip shares to 1.9 million shares, up from just 700,000 on Monday.
"Local investors remained skeptical to the profitability of reinvestment when they looked at the economic uncertainty," Phuong said, adding that those willing to play the market tended toward instant profits. Most of the shares reaching their ceiling prices yesterday were penny stocks, he noted.
Bao Viet Securities Co analysts had predicted that inflation concerns would bother investors but saw the current condition of the market as a good opportunity for long-term investors.
Viet An Co (AVF), which specialises in the breeding and processing of tra and basa fish, listed 22.5 million shares on the HCM City bourse yesterday. Its products are exported to the US, EU and Australia. In the first eight months of this year, it saw earnings of US$40 million, against US$62 million for the whole of last year.
Last year, the An Giang-based company posted a net profit of almost VND75 billion ($3.57 million) and has topped that figure in the first nine months of this year, at VND76.7 billion ($3.65 million).
Source: vnagency.com.vn
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