Vietnam’s shares surged Monday for the second straight day as domestic investors bargain-hunted in many stocks, while foreigner players bought in blue chips, on hope for the market growth in coming years.
Le Xuan Nghia, Head of the central bank’s Banking Development Strategy, said in an interview with Vietnam Economic Times newspaper today that Vietnamese companies are at peak of profit making and the period can last till 2008.
Based on a thorough analysis about Vietnam’s stock market and its economic growth over the past years, a foreign financial organization forecast that Vietnam may have the market’s scale and growth rate like Taiwan’s stock market in 1980s, which has the fastest growth in the world, Nghia revealed.
“Following this analysis, I myself predict that Vietnam’s stock market index may hit 2,000 points or more in 2010,” the official said.
Before the interview, local investors are excited about the visit by PM Nguyen Tan Dung to the U.S.’s New York Stock Exchange (NYSE), which is considered a symbol to boost foreign confidence in Vietnam’s securities market.
As a result, nearly all of shares on the market rose fast today.
VN-Index went up 37.53 points, or 3.59 per cent, to 1,084.39, the highest point over last four months.
The market volume remained high at 13.3 million shares, down from 14.14 million shares last Friday.
STB, the most active stock, climbed up 0.7 per cent at VND70,500 on a trade of 2.3 million shares.
VIC, the second most active issue, soared 4.5 per cent at VND164,000 on 781,020 shares, of which foreign bought 270,310 shares.
VNM, the biggest stock in market capitalization, surged 4.9 per cent at VND191,000 on 454,320 shares traded, including 245,590 shares bought net by foreigners.
BT6 topped the advancers, rising 5 per cent at VND73,500 on 88,170 shares.
In the downside, DXP was the biggest decliner, falling 3.2 per cent at VND61,000 on 55,680 shares.
In total, 102 stocks ended higher, 7 closed lower and 6 were unchanged.
The fund certificate PRUBF1 closed 3.3 per cent higher at VND12,400, and VFMVF1 rose 2.7 per cent to VND34,700. (VSE)
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