Vietnam shares rally at end of session

HA NOI (VNS)– Share movements yesterday were mostly unchanged from Thursday, with indices increasing towards the end of the session.

The stock market may have been boosted by the National Assembly's economic indicators for next year, which were released on Thursday. They focus on curbing inflation at around a single digit level and encouraging higher growth than this year.

Specifically, the growth rate of the country's gross domestic product (GDP) is targeted to reach 5.5 per cent, while the consumer price index is aimed at 8 per cent.

Additionally, the limits for the budget deficit and the trade deficit are set at 4.8 and 8 per cent respectively.

On the HCM City Stock Exchange, the VN-Index closed at 386.71 points, a 0.29 per cent increase. Trading was sluggish, with only 24.76 million shares worth a turnover of VND319.9 billion (US$15.2 million) changing hands.

Among the 30 leading shares in terms of capitalization and liquidity, eight codes tumbled while another 22 added value or closed unchanged. Property developer Tan Tao, commercial baker Kinh Do (KDC), PetroVietnam Finance (PVF) and financial conglomerate Ocean Group (OGC) hit their ceiling prices during yesterday's session.

The VN30, tracking these stocks, advanced 0.32 per cent to 457.23 points.

On the Ha Noi Stock Exchange, the HNX-Index continued to close in the green, rising nearly 1 per cent to 51.58 points.

The value of trades was virtually unchanged, however, standing at a very low level of VND142 billion ($6.7 million). Trading volume reached just 23.7 million shares.

The HNX30 ended yesterday up 1.96 per cent to 93.49 points, boosted by the gains of some large-cap stocks.

This is the time for the FTSE Vietnam Fund to revise its portfolios, which - according to ACB Securities Co analysts - can lead to more activity from foreign investors. This process usually occurs every quarter, and creates short-term profits for investors.

Meanwhile, despite yesterday's increase on both stock exchanges, Sai Gon - Ha Noi Securities Co analyst Doan Thi Anh Nguyet said that there was not enough support to form a short-term rally. — VNS

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