Bulls return to Vietnam markets

The Ho Chi Minh Stock Exchange recovered Monday, gaining 2.75 percent or 13.5 points, as Asian stocks and currencies gained after the United Arab Emirates pledged support for its banks.

The benchmark VN-Index index finished at 504.12, rather close to the session high. But with investors remaining cautious, the trading volume was only around 38.5 million shares worth VND1.63 trillion (US$90.9 million).

There were 131 gainers and 32 losers while 27 remained unchanged.

The biggest gainer was Vietnam’s largest battery maker Dry Cell and Storage Battery Co., or Pinaco (PAC), which rose by the maximum allowed 5 percent to VND105,000. Others to rise by 5 percent included HCM City-based BaoMinh Insurance Corp. (BMI) which rose to VND23,100, and Ho Chi Minh City Securities Corp. (HCM) which closed at VND73,500.

Banking, real estate, and construction stocks enjoyed robust trading.

Saigon Commercial Bank, or Sacombank (STB), was the most active stock by volume, with nearly 4 million shares changing hands at VND25,400, or 4.96 percent up from Friday’s close.

It was followed by Saigon Securities Inc. (SSI) which saw 1.77 million shares traded. Vietnam’s largest brokerage added 4.7 percent to close at VND78,000.

The Hanoi market also saw a bullish trend as the HNX-Index closed up 4.14 percent at 161.85. The trading value topped VND699 billion as volumes clocked 21.75 million.

In Asia, Japanese stocks were among those up sharply on speculation the impact from Dubai World’s request to delay debt payments will be limited and the yen stopped hardening.

By Hoang Nhan

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