Local stocks rally after ECB announces stimulus

Saturday, Jan 24, 2015 12:10

Investors follow transactions at VNDirect Securities Company in Ha Noi. — VNS Photo Viet Thanh
HA NOI  (Biz Hub) — Stocks climbed more quickly towards the end of yesterday's session, boosted by improvement in investor confidence after the European Central Bank announced a big bond-buying programme worth up to one trillion euros (US$1.16 trillion).

In line with strong rises in global stocks, Vietnamese markets also opened high after the news.

On the HCM City Stock Exchange, the VN-Index added another 1.36 per cent to close at 582.38 points, while the VN30, which tracks the top 30 shares by market value and liquidity, increased by 0.79 per cent to end at 615.16 points.

Bank shares continued to provide momentum, as most of them added between 1.4 and 4.2 per cent, including Eximbank (EIB), Vietinbank (CTG), Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID) and Military Bank (MBB).

MBB was also the most active code, trading 7.6 million shares and rising 1.4 per cent to close at VND14,600 ($0.68) a share. However, BID was the biggest gainer with a 4.2-per-cent rise to VND17,400 ($0.81) each. Its trading volume ranked third with 5.7 million shares traded.

Securities company share trading was good, following positive business results of this sector. Saigon Securities Inc (SSI), HCM Securities Co (HCM), Sai Gon – Ha Noi Securities Co (SHS) and IB Securities Inc (VIX) shares saw modest gains.

Liquidity on the market also rose, with both volume and value doubling Thursday's levels, at 89 million shares worth more than VND2.8 trillion ($131 million).

On the Ha Noi Stock Exchange, the HNX-Index increased by 1.4 per cent to finish at 86.86 points.

Trading also soared here as the market volume grew 47 per cent over the previous session, totaling over 63 million shares, and the value of trades climbed 43 per cent to reach nearly VND700 billion ($32.7 million).

KLF Joint Venture Global Investment Co (KLF) continued to lead the market here in terms of volume, with 11.7 million of its shares being traded at VND11,400 per share, up 1.8 per cent over Thursday.

Foreign investors also turned heads to buy local shares. They picked up combined shares worth VND15.3 billion ($715,000) yesterday on the two exchanges. — VNS

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