HCMC market bounces back

Share prices on the Ho Chi Minh Stock Exchange see-sawed on Wednesday, swinging between positive and negative territories, before closing slightly up.

The VN-Index of 169 companies and four closed-end funds retreated in the first session as investors remained cautious after yesterday’s sharp fall. But rallies by blue chips like PetroVietnam Fertilizer and Chemical Joint Stock Co., Saigon Securities Inc., and industrial zone operator Tan Tao Group in the next session helped lift the index, which finally finished 1.55 percent up at 301.02 points.

Of its members, 89 rose, 52 fell, and 28 remained unchanged.

Corp. for Financing & Promoting Technology, or FPT, rose VND2,000, or 4 percent, to close at VND52,500. The software producer and mobile-phone distributor rebounded after saying on the exchange’s website it has called off a plan to sell additional shares. The release did not give a reason for the cancellation.

Hoa Phat Group Joint Stock Co. rose VND1,000, or 3.5 percent, to VND29,900. The steel maker has signed a contract to supply 3,800 metric tons of steel for the construction of a second production line at the Duyen Ha cement plant in the northern province of Ninh Binh.

Vitaco Petroleum Tanker Joint Stock Co. advanced VND300, or 2.6 percent, to finish at VND12,000. The HCMC-based Vitaco has taken delivery of a new oil tanker to expand its capacity to transport imported petroleum products to Vietnam, the exchange said in its bulletin today.

The Hanoi market also moved up, with the HaSTC-Index edging up 0.82 percent to close at 107.44.

Reported by Thieu Gia

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