May 30, 2012 / 8:48 AM / in 5 years

Vietnamese stocks rise, eyes on growth, earnings

(Updates with market close, foreigner trading, comments)

HANOI, May 30 (Reuters) - Vietnamese stocks closed higher on Wednesday in low trading volume, as most traders waited for news about economic growth and corporate earnings in the second quarter, analysts said.

Foreigners bought 114.67 billion dong ($5.5 million) worth of stocks and sold shares valued at 70.93 billion dong in the Ho Chi Minh Stock Exchange, the exchange said.


Up 0.9 percent at 435.34.

Volume of shares traded: 49.05 million.

Value of shares traded: 787.28 billion dong.

Largest gainers, largest losers


Up 0.42 percent at 75.62.

Volume of shares traded: 32.37 million.

Value of shares traded: 345.81 billion dong.

Largest gainers, largest losers

Analyst comments

Giang Trung Kien, head of analysis, FPT Securities:

”The market recovered technically. Low liquidity showed that a majority of investors were on the sidelines, waiting for clearer signals.

”Investors are interested in the economic growth and corporate earnings for this quarter.

”Stocks could move sideways in a range of 430-460 points from now until the end of this quarter.

“In terms of macro conditions, it will take some time for interest rates to drop so that businesses can access loans.”

Nguyen Tuan, head of analysis, VPBank Securities:

“Buying demand was weak... The market could move sideways with low volume for at least two weeks.” ($1=20,860 dong) (Reporting by Vu Duy; Editing by Ho Binh Minh and Anand Basu)

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