kude.punny

VN-Index hits record high on upbeat financial news

HCM City Securities Trading Centre’s VN-Index closed above the 1,000 point threshold for the first time yesterday, on the back of upbeat financial and news reports, though overall market risks remain

The index ended the week at 1,023.05 points, up 4.06 per cent for the day, despite thin trading volume. Only 9.72 million shares and bond certificates exchanged hands, down 36 per cent compared to Thursday’s session. Trading value was just above VND1 trillion (US$62.5 million).

Blue chips led the change with Vinamilk rising 4.86 per cent to VND194,000 a share, while telecommunication firm FPT ended at VND578,000, up 4.9 per cent.

Buying was sparked earlier in the week after international financial magazine Motley Fool ranked Vietnamese stocks third in profit making. Local papers also reported that foreign fund managers continue to be upbeat on the local securities market this year.

Prudential Balanced Fund certificates were the most heavily traded shares yesterday with volume at 860,250. It closed at VND13,100.

The market was also helped by the release of positive 2006 financial reports. FPT on Thursday announced VND535 billion in (unaudited) annual profits, up 77.5 per cent compared to 2005.

Sai Gon Thuong Tin Commercial Bank (Sacombank) reported VND544 billion in pre-tax profits, up 78 per cent year-on-year, and plans to issue a 12 per cent dividend payment.

Song Da Urban and Industrial Zone Investment and Development (SJS) last week issued a three-to-one stock split by issuing new shares to existing shareholders. The stock price fell from VND728,000 to VND190,000 after the split.

Since then, SJS has quickly gained ground, rising 20 per cent in the last five sessions to end Friday at VND228,000.

được đăng bởi kude.punny @ 21:36