Local stocks end week on a high

Saturday, Nov 16, 2013 11:05

Investors monitor share prices at Rong Viet Securities Company in HCM City yesterday. — VNA/VNS Photo Pham Hau

HA NOI (Biz Hub)  — Shares continued to increase during yesterday's session, with the VN-Index gaining 0.7 per cent to 501.34 points, on the HCM City Stock Exchange

Trading value increased 31.5 per cent on Thursday's level to VND1.12 trillion (US$52.8 million), with around 91.2 million shares changing hands.

The VN30, bolstered by the gains of 21 blue chips, added 0.72 per cent to 559.75 points. The index tracks the southern bourse's 30 leading shares in terms of capitalisation and liquidity.

Property giant Vingroup (VIC) and private equity firm Masan Group (MSN) closed the session unchanged despite announcing positive financial reports.

In the first nine months of this year, Vingroup posted a 129 per cent revenue growth compared to the same period last year to VND11.6 trillion ($547.1 million).

Profit also soared 311 per cent to over VND6 trillion ($283 million). The profits mainly came from the sale of its two important projects in Ha Noi – Royal City and Times City.

Vingroup's total asset as of September 30 jumped to VND61.58 trillion ($2.9 billion), increasing VND5.76 trillion ($271.6 million) compared to late last year.

Meanwhile, Masan reported a revenue of VND7.5 trillion ($353.7 million) and a profit of VND1.12 trillion.

Following a State Securities Commission's statement that foreign investors could hold up to 60 per cent in a listed company in the future, several large-cap stocks that reached their current foreign ownership limitation rose 1.4-3.7 per cent such as Vinamilk (VNM), Refrigeration Electric Engineering (REE), software developer FPT (FPT) and Saigon Securities Inc (SSI).

ACB Securities Co analyst Vo Dinh Khoi predicted if the VN-Index could exceed 503 points, it would continue to rally to a strong resistance level of 513 points where the market trend would be tested.

On the Ha Noi Stock Exchange, the HNX-Index rose 0.36 per cent to 63.93 points.

Trading value and volume totalled VND326.2 billion ($15.3 million) and 48.3 million shares, respectively.

The HNX30 increased 0.78 per cent to close at 120.78 points.

Foreign investors continued to be net sellers on both exchanges by a combined margin of VND16.6 billion ($783,000). — VNS

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