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Investor optimism lifts indices   2012-02-15 - VNS

An investor watches stock movements at the offices of Bao Viet Securities Co. —VNA/VNS Photo Viet Thanh
  Renewed investor appetites outweighed profit-taking pressures, lifting indices on the nation's stock exchanges yesterday.

"Investors remain cautious even though they believe the rallying trend will continue," said Ha Noi-based independent analyst Pham Viet Hung, noting that trading volume remained low on both exchanges.

Hung said current cash inflows were mainly short-term and overall economic and business conditions continued to be problematic.

On the HCM City Stock Exchange yesterday, the value of trades declined 6 per cent from Monday's level to just VND637 billion (US$30.3 million), on a volume of about 36.5 million shares. But the VN-Index rebound from Monday's losses, closing up by 1.19 per cent to 400.26 points, while the VN30 Index of leading shares rose by 0.89 per cent to close at 450.22 points.

Among shares included in the VN30, real estate developers Hoang Anh Gia Lai (HAG), Tan Tao Investment and Industry (ITA) and Kinh Bac City Development (KBC), as well as financial conglomerate Ocean Group (OGC), all rose to their ceiling prices.

Sacombank, despite being the market's most-active share with over 1.8 million trade, bottomed out following the announcement late last week of credit ratings from S&P and Moody's. STB closed yesterday at VND19,900 ($0.95) per share.

On the Ha Noi Stock Exchange, the HNX-Index gained 0.82 per cent to conclude the session at 61.54 points, with advancers outnumbering decliners by 143-74. The value of trades was up 8 per cent over the previous session, totalling VND294.2 billion ($14 million) on a volume of 36 million shares.

PetroVietnam Construction (PVX) was the most-active share nationwide with 3.4 million shares exchanged, closing up 3.8 per cent to VND8,200 per share.

Foreign investors continued to put money into the market, picking up a combined net of VND64 billion ($3 million) worth of shares on both bourses yesterday. Last week, this sector was also responsible for a total net buy of VND400 billion ($19 million).

Positive information supporting further market gains could be news that Prime Minister had asked the central bank to find ways to ease credit to securities investors.

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