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VN-Index repeats last week’s gains   2008-12-23 - Viet Nam News

The VN-Index extended last week's modest rally by adding 2.79 points yesterday to close at 310.05.

Foreign investors yesterday were net sellers of about 629,000 shares, with a net sales value of VND6.2bil, a reversal of last week during which they had been net buyers to the tune of VND69bil.

The rise came as the State Bank of Viet Nam announced that it was lowering the prime interest rate to 8.5 per cent, a cut of 1.5 percentage points.

Shares of property trader Hoang Ann Gia Lai (HAG) began trading on the HCM City Stock Exchange yesterday, hitting the ceiling in the regulated trading band to close at VND48,000 (US$2.90) per share — a remarkably strong performance in light of the anaemic performance of a number of recent new listings.

The exchange witnessed 99 winners and 45 losers overall in yesterday's session, while trading volume continued to be substantial at nearly 15 million shares and a turnover of VND533 billion ($32.3 million).

Activities concentrated on some major stocks, with Sacombank (STB) generating orders for 1.5 million shares, followed by PetroVietnam Finance (PVF) with 1.1 million, and Saigon Securities Inc (SSI) with 777,000.

Foreign investors yesterday were net sellers of about 629,000 shares, with a net sales value of VND6.2 billion ($375,700), a reversal of last week during which they had been net buyers to the tune of VND69 billion ($4.2 million).

Ha Noi Securities Co said in a report that, with relatively steady increases last week and the new rate cut, the market would likely continue to gain ground this week, although it tempered the prediction by saying no prolonged upward trend was expected over the short term.

The company said investors now had a wide range of choices for long-term investment, but suggested caution in selecting shares in which to invest.

EuroCapital Securities saw a likelihood that the market would see positive developments between now and the end of this month, as the world moved toward a period of 'zero interest rate policy' and domestic moves had included an economic stimulus package of up to $6 billion.

Viet Nam International Securities analysts also expected yesterday's interest rate cut to encourage capital flows into other investment channels with higher returns, including the stock market.

The director of the State Bank of Viet Nam's HCM City branch, Ho Huu Hanh, noted, however, that although deposits at the city's banks had declined this month following recent interest rate cuts, insignificant amounts of capital had shifted into stock, real estate or gold markets.

Hanh said the prime rate was unlikely to be cut further anytime soon. "Changes coming too fast will make it difficult for banks to turn around and to attract idle capital," he said.

In Ha Noi yesterday, the HASTC-Index increased a scant 0.12 per cent to end the day at 107.85 points, with a volume of 6.75 million shares and a trading value of VND157.8 billion ($9.6 million).

The northern market saw 100 gainers and 35 losers, while trading remained modest in most codes. Kim Long Securities (KLS) led the market with only 898,000 shares traded, followed by Vinaconex Group (VCG) with 880,500 shares.

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