Trading exploded on the nation's stock exchanges on Dec. 28, with the
volume of trades tripling on the HCM Stock Exchange to 88.9 million
shares, worth nearly 2.1 trillion VND (100 million USD).
The brisker activity helped lift the VN-Index to a close of 479.33 points, a gain of 1.33 percent over On Dec. 27's session.
The Government's decision to bail out struggling shipbuilder Vinashin
by extending it a loan at a zero-percent interest rate set off on Dec.
28's explosion in trades, explained Nguyen Quoc Binh, head of brokerage
for a HCM City-based securities company.
"This news helped motivate
investors since more bad news about Vinashin's debt seemed like the
last thing they wanted to hear before the year ends," Binh said.
Tan Tao Industrial Park (ITA) saw the largest gains among 199 stocks
advancing on the trading sesion, following ITA's announcement of a
whopping 50 percent dividend and plans to issue bonus shares.
Tan
Binh Import-Export Co (TIX), Dong A Plastics Co (DAG) and Transport
Engineering Construction and Business Investment Co No 584 (NTB) also
posted heady gains.
On the Hanoi Stock Exchange, the HNX-Index rose
for a second day, closing up by 3.03 percent to 114.81 points. Volume
improved to nearly 45 million shares, worth a total of 903.4 billion
VND.
Financial services provider Stoxplus Corp noted that financial
stocks achieved the highest gains on Dec. 28, advancing by an average
of 3.1 percent, with the share of many securities companies, in
particular, hitting their ceiling prices.
Kim Long Securities Co (KLS) became the most-active share nationwide, with over 5 million traded.
Binh suggested that the ‘hot' money might have begun returning to the
markets on Dec. 28 as speculators sought opportunities in the final days
before the new year.
"The money is flowing strongly to groups of
stocks unsupported by any significant news," he said. "This could warm
up the markets in the last days and the VN-Index could close out the
year at a higher level than had been expected."
Foreign investors
reverted to a profit-seeking stance on Dec. 28, selling off over 800,000
shares in HCM City . They remained net buyers on the Hanoi
market, but by a net of only 179,800 shares./.
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