VN-Index beats strong resistance Phuong Thao By Phuong Thao - The Saigon Times Daily HCMC – The stock market broke through the strong resistance level of 570 points on May 28 with banking stocks such as CTG and BID being the main contributors. The VN-Index closed at 572.97, jumping 6.49 points, or 1.15%, against the session earlier. Liquidity on the Hochiminh Stock Exchange sharply improved with volume and value soaring around 32% to 152 million shares worth VND2.3 trillion (US$105 million). FLC continued taking the lead in terms of liquidity with over 25.5 million shares changing hands, shooting up to the ceiling price of VND9,500 a share thanks to its supporting information. DLG also stood out as it hit the upper limit with trading volume of 6.9 million shares. The Hanoi market also closed at above the strong resistance of 83 points, buoyed by banking tickers ACB and SHB. The HNX-Index gained 1.93 points, or 2.36%, from the previous day at 83.65. According to Viet Capital … [Read more...] about VN-Index beats strong resistance
Shanghai stock exchange composite index
In China, red indicates rising stock prices. Source: Corbis In China, the invisible hand of the market sometimes needs help from the iron fist of the state. That’s certainly true after a meltdown vaporized $3.5 trillion in the value of shares traded on the Shanghai and Shenzhen exchanges. President Xi Jinping’s government isn’t being subtle in its campaign to reflate the bubble it had a big role in creating. The government has suspended initial public offerings and eased rules on margin loans, even allowing investors to use their homes as collateral to borrow money to buy stocks. On June 27, the People’s Bank of China cut its benchmark interest rate and the amount of reserves certain banks are required to hold. Days later, it offered financial support to a group of 21 brokerages that have pledged to buy 120 billion yuan ($19.3 billion) worth of shares and hold them for a year. On July 8, China’s securities regulator banned major company shareholders … [Read more...] about Who blew up China’s stock bubble?
Stock markets around the Asia-Pacific region opened sharply lower Wednesday after a dizzying sell-off in China sent global markets into a tailspin. Japanese share prices tumbled 3.56 percent in morning trade Wednesday, tracking a rout on global markets on fears of a US economic slowdown and concern over China's possible stock bubble. The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares fell 644.85 points in the morning session to 17,475.07. Earlier this week, the world's second largest bourse had registered near seven-year highs on optimism over the Japanese economy. The TOPIX index of all first-section companies dived 70.36 points or 3.88 percent to 1,740.97 by the break. Singapore also opened down 4.82 percent lower, in line with continued falls in regional markets. The Straits Times Index opened down 155.89 points or 4.82 percent at 3,076.13. Blue chips were among the big losers, including Singapore Airlines, down 4.32 percent and Singapore Press … [Read more...] about Asia-Pacific Stocks Fall on China Plunge
Asian shares rallied Wednesday after the Federal Reserve's biggest interest rate cut in over two decades, but nagging fears of a U.S. recession prompted many indexes to give up some of their early gains. Europe's stock markets were tipped to notch up modest opening gains, with financial bookmaker CMC Markets predicting Britain's FTSE 100, Germany's Dax and France's CAC-40 will rise between 0.2-0.4 percent. A trader walks out of the trading floor at the Philippine Stock Exchange in Manila's Makati's financial district January 22, 2008 … [Read more...] about Stocks cheer steep Fed cut, but lose altitude
Vietnam's stock market, Asia's third-worst performer in 2010, may rally this year as the government boosts share sales and modernizes trading, according to the securities unit of the country's biggest fund manager. The benchmark VN Index "has potential" to reach 600 by the end of the year, or 21 percent above Tuesday's close, amid renewed share sales by state-owned enterprises that were delayed by the global financial crisis, VinaSecurities Joint-Stock Co. Chief Economist Alan T. Pham wrote in a report. The State Securities Commission "is planning to liberalize trading practices which would help market participants in formulating and executing their investments strategies," he wrote. … [Read more...] about Vietnam stocks to gain in 2011, VinaSecurities says