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Wall Street gains boost VN-Index   2009-03-12 - VietNamNet/Viet Nam News

The VN-Index yesterday added another 3.97 points to close at 255.85, an increase of 1.58 per cent, as strong gains on Wall Street helped shore up domestic investor confidence.

The VN-Index yesterday added another 3.97 points to close at 255.85, an increase of 1.58 per cent.

Liquidity strongly improved, as trading volume reached a two-month high of 17.1 million shares, with a total turnover of VND317 billion (US$18.6 million).

The HCM City exchange witnessed 134 gainers, many of which hit the ceiling of the regulated trading band, and 22 losers. Sharp gains were mainly in small and medium codes, such as Nam Viet Corp (ANV), Bao Minh Insurance Corp (BMC) and Hoa Sen Group (HSG) - all rose by 5 per cent on the day.

Most active shares included Sacombank (STB), with a whopping 3.6 million units traded, and Saigon Securities Inc (SSI), at about 2 million.

US stocks posted their strongest rally in four months - driven by Citigroup's profitability - positively affecting local investors' psychology yesterday, said Hoang Thach Lan, director of the SME Securities analysis department.

At a time when share prices had slumped deeply, he added, many companies now planned to pay dividends, stimulating investors to buy.

"Positive signs in investor demand are helping the market maintain necessary stability during the current hard time," said the Beta Securities analysis department in a report.

Foreign investors, however, continued to expand sales yesterday. They were net sellers of 2.6 million shares, with a net value of nearly VND57 billion ($3.4 million).

The Ha Noi market, meanwhile, saw 135 winners and 18 losers. The HASTC-Index gained 3.38 per cent to end the day at 90.46 points, while trading volume rose by 20 per cent over Tuesday's session to 10.4 million shares, for a total value of nearly VND200 billion ($11.8 million).

Market leader Asia Commercial Bank (ACB) generated orders for up to 2.3 million shares, and its runner-up Kim Long Securities, 1.2 million.

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