Bulk bucks push stocks higher

Share prices on the Ho Chi Minh Stock Exchange continued to rise on Wednesday over large cash flows pouring into the market.

The VN-Index of 177 listed firms and four closed-end funds closed at 410.38, staging a rise of 9.48, 2.36 percent. The index has regained 31 percent this year.

Turnover rose to 57.5 million shares worth VND1.88 trillion ($105.6 million). Of VN-Index’s members, 147 stocks advanced against a mere 16 which fell.

Trading on the HCMC bourse was fairly quiet in the first trading session, with only around 2.3 million shares changing hands, as investors reacted cautiously to an overnight fall in the US’s Wall Street.

The Dow and S&P 500 slipped on Tuesday, as financial shares sank on disappointing housing data, according to Reuters.

The Dow Jones industrial average fell 29.23 points, 0.34 percent, at 8,474.85. The Standard & Poor's 500 Index lost 1.58 points, 0.17 percent, at 908.13. The Nasdaq Composite Index added 2.18 points, 0.13 percent, at 1,734.54.

However, sharp buying in the last two sessions wiped out early jitters, helping the index close today on brighter note.

As usual, Sacombank (STB), the exchange’s only listed lender, remained the most liquid stock, with 9.62 million shares being traded.

The HCMC-based bank, partly owned by ANZ, rose 2.61 percent to close at VND27,500.

Viet Nam Petroleum Transport Joint-Stock Co. (VIP) surged 4.86 percent to VND15,100. Pham Van Bach, son of supervisory board member Pham Van Vinh, failed to sell his entire holdings of 5,000 shares at the price “he expected,” according to a statement on the exchange’s website.

Minh Phu Seafood Joint-Stock Co. (MPC) closed higher 2.81 percent to VND18,300. The seafood company said on the bourse’s website that its deputy general director, Chu Thi Binh, cut her holdings to more than 17.4 million shares by selling 200,000 this month.

Construction Joint-Stock Co. No.5 (SC5) rose sharply by the daily trading limit of 5 percent to VND44,100. The firm announced it will pay 20 percent dividend, equal to VND2,000 per share. Its ex-dividend date will be May 27.
 
At the Hanoi Securities Trading Center, the HaSTC-Index moved up for the fourth straight session, rising marginally 0.61 points, 0.43 percent, to close at 142.66.

Reported by Phong Linh

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