Shares rebound on both exchanges

The rebound of blue chips in the latter half of today's session lifted the VN-Index by 1.08 per cent over yesterday to close at 448.95 on the HCM City Stock Exchange.

The news that corporate tax could be adjusted down in order to increase investment, revealed by Tran Van, member of the National Assembly's Finance and Budget Committee in an interview with Tuoi Tre (The Youth) newspaper, positively affected the market.

Trade on the bourse rose 10 per cent to 28.68 million shares worth VND636.9 billion (US$31.8 million).

Advancers more than trebled decliners, with most blue chips making gains including Masan Group (MSN) that rose to its ceiling price.

Of the ten largest capitalised shares, only property developer Hoang Anh Gia Lai Co (HAG) and industrial conglomerate Hoa Phat Group (HPG) made losses of 0.63 per cent and 0.5 per cent, respectively.

Vinh Son-Song Hinh Hydropower (VSH) surprised the market by being the most active stock nationwide with 2.54 million shares exchanged. VSH rose 3.41 per cent to close at VND12,100 ($0.60).

On the Ha Noi Stock Exchange, the HNX-Index increased by a modest 0.55 per cent to close at 109.71.

However, market volume fell 11 per cent to just nearly 20.2 million shares worth VND378.2 ($18.9 million). Advancers largely outnumbered losers by 174-90.

PetroVietnam Construction (PVX) was the most heavily-traded share on the bourse with a volume of 2.39 million shares. PVX rose 0.96 per cent over yesterday's value to close at VND21,000 ($1.05).

VNS