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Shares soar as buyers anticipate property earnings   2010-12-10 - VNS

HA NOI – Shares continued to rally this morning with more than 85 per cent of codes posting gains in both HCM City and Ha Noi.

In HCM City, the VN-Index jumped 2.74 per cent to finish at 473.06 points.

Market value reached almost VND3.37 trillion (US$160.5 million) – its highest since the beginning of this year - and trading volume also increased more than 56 per cent over yesterday to 94.1 million shares.

Advances were nine times higher than declines.

Almost 43 per cent of 233 shares to rise in value hit their ceiling prices.

Most were real estate developers and included Vincom Co (VIC); Kinh Bac City Development Share Holding (KBC); Song Da Urban&Industrial Zone Investment and Development (SJS); Tan Tao Investment Industry (ITA); HCM City Infrastructure Investment (CII) and Development Investment Construction (DIG).

Analysts forecast that real estate companies will most likely post strong earnings in the last quarter.

Securities and finance shares such as Sai Gon Securities Inc (SSI), HCM City Securities (HCM) and PetroVietnam Finance (PVF) also rose to their highest allowable band.

Sai Gon Securities Inc (SSI) was again the most active share with 4.6 million changing hands.

It closed at its ceiling price, VND29,600 ($1.41).

In Ha Noi, the HNX-Index soared 3.8 per cent to close at 116.39.

But market volume decreased slightly to 60.2 million shares from 62.2 million yesterday and were worth more than VND1.16 billion ($55.2 million).

Gains outnumbered losses 306-29.

About 65 per cent of advances hit the ceiling.

Kim Long Securities (KLS) - 6.14 million shares exchanged - remained the most heavily-traded stock nation-wide.

It also jumped to its ceiling price of VND16,400 ($0.78).

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