Vietnam's stock market hit a new lifetime high Friday, rising 4.1% to end at 1023.05 points as investors sought shares in Petrovietnam oil service firm PV Drilling , traders said.
The VN Index on the Ho Chi Minh City Securities Trading Center closed above 1,000 points for the first time, market data showed.
"The Index has crossed the resistance level of 1,000 points, which will certainly boost investors' confidence in further growth in the short run," Deputy Director of Habubank Securities Nguyen Lam Dung told Reuters.
"The amount of money, including foreign funds flowing, into the market is huge while the supply of stocks is still limited."
The capitalization of the market, which opened in July 2000 and now trades shares in 106 companies, rose to 11.5 billion US$. The index has grown 206.4% since the end of 2005.
Shares in PV Drilling, the oil well service and drilling arm of state oil monopoly Petrovietnam, rose to its lifetime high of 295,000 VND (18.3 US$), up 4.98%, almost hitting the 5-percent daily limit regulated by the exchange.
Shares of the firm trade nearly 127% higher than their debut prices on Dec. 5 last year.
"The energy sector continues to attract a lot of attention from investors and foreign funds," a trader in Hanoi said.
Meanwhile, shares in the blue chip high-tech firm FPT also almost climbed to the daily limit, rising 4.9% to close at 578,000 VND (35.8 US$) per share.
FPT expects profit and sales growth, generated mainly from mobile handset sales, Internet services and outsourcing units, of up to 50% this year and next.
Vietnam's communist government has said it aimed to boost the stock market's capitalisation to 20 billion US$ by the end of the year, or 30% of gross domestic product.
It wants to expand the economy by up to 8.5% this year after 8.17% growth in 2006.
Source: Thanh Nien
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