ID :
11978
Thu, 07/10/2008 - 10:17
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https://oananews.org//node/11978
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VN-Index closes higher after Monday's slump
Hanoi (VNA) - Share prices on July 8 closed a little higher, with sales exceeding purchases, according to various dealers.
The HCM City Stock Exchange's VN-Index rose 0.82 points, or 0.19 percent, to end at 436.71. Big sales at the beginning of the day pushed down almost all codes but strong buying at the end of the day helped the index reverseits direction.
The index on July 7 slumped 0.86 percent to 435.89 as a result of huge sales. Securities experts said the market might adjust downwards in the week but the upward trend was proving strong. Trading volume on July 8 reached 17.1 million shares and fund certificates, a fall 26.27 million on July 7. Total turnover remained positive at 595.53 billion VND (36 millionUSD).
Some stocks with large capitalisation values turned around and hit remarkable highs, after a tumble on July 7, contributing to the upward movement. These includes Sacombank (STB), Refrigeration ElectricalEngineening Corp (REE) and FPT.
STB led the market in terms of trading volume with 2.8 millions shares traded, followed by Phu My Fertilisers (DPM) with 1.8 million shares. Saigon Securities Inc (SSI) continued to be much in demand with purchases exceeding sales by 2.3 million shares. Foreign investors' transactions declined bymore than half, with about 3.8 million shares and fund certificates traded.
"Share prices are still very cheap and many investors are ready to pour money into the market at this time," said Minh Cuong, an investor with SeABank Securities, " so the market will continue to rise." Investors argued such an inflow to the stock market was reasonable, as other areas now showed few opportunities. They cited the fact that goldprices were at a high and the property market was quiet.
HSBC has lowered the target for the VN-Index to 400 points at the end of this year, according to HSBC's lasted report on the Asia Pacific region. InApril, the bank forecast a year-end target of 600.
It also lowered the end-2009 target for the index from 750 to 450.
According to the corporation, "too many headwinds are pushing Asia back," including rising inflation, the risk of the Fed tightening, continued foreign selling and worries of a fall in corporate sector'sprofits due to higher interest rates.
"We see [Asian stock] markets continuing to drift off until early 2009 atleast," the report said.
On the Hanoi Securities Trading Centre, the HASTC-Index rose slightly by 0.35 points or 0.28 percent to closed at 125.13. Volume was 11.47 million shares worth 290.17 billion VND (17.58 million USD). Asia Commercial Bank (ACB) maintained its value after slipping 0.37 percent on July 7.-Enditem
The HCM City Stock Exchange's VN-Index rose 0.82 points, or 0.19 percent, to end at 436.71. Big sales at the beginning of the day pushed down almost all codes but strong buying at the end of the day helped the index reverseits direction.
The index on July 7 slumped 0.86 percent to 435.89 as a result of huge sales. Securities experts said the market might adjust downwards in the week but the upward trend was proving strong. Trading volume on July 8 reached 17.1 million shares and fund certificates, a fall 26.27 million on July 7. Total turnover remained positive at 595.53 billion VND (36 millionUSD).
Some stocks with large capitalisation values turned around and hit remarkable highs, after a tumble on July 7, contributing to the upward movement. These includes Sacombank (STB), Refrigeration ElectricalEngineening Corp (REE) and FPT.
STB led the market in terms of trading volume with 2.8 millions shares traded, followed by Phu My Fertilisers (DPM) with 1.8 million shares. Saigon Securities Inc (SSI) continued to be much in demand with purchases exceeding sales by 2.3 million shares. Foreign investors' transactions declined bymore than half, with about 3.8 million shares and fund certificates traded.
"Share prices are still very cheap and many investors are ready to pour money into the market at this time," said Minh Cuong, an investor with SeABank Securities, " so the market will continue to rise." Investors argued such an inflow to the stock market was reasonable, as other areas now showed few opportunities. They cited the fact that goldprices were at a high and the property market was quiet.
HSBC has lowered the target for the VN-Index to 400 points at the end of this year, according to HSBC's lasted report on the Asia Pacific region. InApril, the bank forecast a year-end target of 600.
It also lowered the end-2009 target for the index from 750 to 450.
According to the corporation, "too many headwinds are pushing Asia back," including rising inflation, the risk of the Fed tightening, continued foreign selling and worries of a fall in corporate sector'sprofits due to higher interest rates.
"We see [Asian stock] markets continuing to drift off until early 2009 atleast," the report said.
On the Hanoi Securities Trading Centre, the HASTC-Index rose slightly by 0.35 points or 0.28 percent to closed at 125.13. Volume was 11.47 million shares worth 290.17 billion VND (17.58 million USD). Asia Commercial Bank (ACB) maintained its value after slipping 0.37 percent on July 7.-Enditem
