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VN-Index gains on rising volumes   2009-03-26 - VietNamNet/Viet Nam News

The VN-Index gained 7.01 points to close yesterday at 277.63, a rise of 2.59 per cent, as trading volumes continued brisk on the HCM City Stock Exchange.

The Ha Noi market yesterday was unable to share in the gains of HCM City, with the HASTC-Index closing off 0.31% to end the day at 98.39, on a trading volume of 12.4 million shares and a turnover of VND250.7 billion.

Volume rose 17 per cent over Tuesday' session to 26.8 million shares, for a total value of VND588.7 billion (US$34.6 million).

Activity concentrated on major stocks, with Refrigeration Electrical Engineering (REE), Hoa Phat Group (HPG) and Phu My Fertilisers (DPM) each seeing around 1.5 million shares traded. Market-leader Sacombank (STB) generated orders for nearly 3 million shares.

Foreign investors were also active yesterday, responsible for 8 million traded before ending the day as net buyers of about 3.5 million shares, worth a total of VND107 billion ($6.3 million).

"Before Tuesday's session, many people thought that the market would fall to around 250 before being able to rise again, but good news on the global markets has excited investors and motivated them to buy," said Hoang Xuan Quyen, deputy general director of Tan Viet Securities Co.

"If there is no sudden negative news, the VN-Index can absolutely reach 280," Quyen said, setting it as a psychologically important mark that would determine whether the Index would increase to 300 or fall back to 260.

"It's necessary to select shares and buy in gradually," he added, suggesting undervalued shares of firms with high stability. The chances of the market going up are higher than it going down."

Quyen said insurance shares were now of particular interest to foreign investors.

Pharmaceutical shares had good inherent value but it would be hard for these shares to realise significant profits due to their already high prices.

Energy shares were also good but were unlikely to increase sharply, while maritime transportation, steel, and cement were all shares to avoid.

The Ha Noi market yesterday was unable to share in the gains of HCM City, with the HASTC-Index closing off 0.31 per cent to end the day at 98.39, on a trading volume of 12.4 million shares and a turnover of VND250.7 billion ($14.7 million). Asia Commercial Bank (ACB) held the spot as most-active code, generating orders for about 3.2 million shares.



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