HCMC market bounces back

The Ho Chi Minh Stock Exchange regained ground on Friday after a rally in large-caps.

VN-Index, Vietnam’s key index, rose 3.82 points, 1.38 percent, to close at 281.63. Of the index’s 176 stocks listed on the HCMC bourse, 109 advanced, 31 declined.

Trading volume was 7.1 million shares worth VND168 billion ($9.6 million)

“Investors decided to participate in the market after publication of earning reports, especially in companies immune from the global financial recession. The share price of many large-caps, which released positive 2008 earning results, have fallen to attractive levels,” one dealer in Ho Chi Minh City said.   

Large-caps, such as PetroVietnam Fertilizer and Chemical Joint Stock Co. (DPM), steel maker Hoa Phat Group (HPG), software firm FPT Corp. (FPT), furniture maker Hoang Anh Gia Lai (HAG) and the brokerage firm Saigon Securities Inc. (SSI), were among today’s winners.

Techno - Agricultural Supplying Joint Stock Company (TSC) jumped VND1,200, 4.65 percent, to close at VND27,000. Chairman and General Director Pham Van Tuan will raise his stake from 1.8 percent to 2.7 percent by buying 75,000 shares before August 6, according to a report on the exchange’s website.

Thu Duc Housing Development Corporation (TDH) rose VND300, 0.96 percent, to VND31,600. The property company said on the bourse’s website that it bought back 750,000 shares last month.

Tu Liem Urban Development Joint Stock Copany (NTL) ended VND1,400 higher, 4.84 percent, at VND30,300. The construction firm announced pretax profits in the last quarter of 2008 reached more than VND126 billion ($7.2 million), showing a surge of VND119 billion from the previous quarter.

Licogi 16 Joint-Stock Co. (LCG), a HCMC-based builder of roads and ports, added VND1,100, 3.24 percent, to close at VND35,000. Don Di Lam, representing Vietnam Investment Ltd. and a member of Licogi’s management board, sold 500,000 shares to cut holdings to 228,200, 1.7 percent from 5.4 percent, starting today, according to a statement posted on the exchange’s website.

South Vietnam Container Shipping Joint Stock Company (VSG) crept down VND400, 4.26 percent, to VND9,000. The container leaser informed the exchange that Le Ngoc Mai, relative of Deputy Chairman Nguyen Huu Chien, sold 4,900 shares to reduce her holdings from 31,315 to 26,415.

At the smaller exchange in Hanoi, the HaSTC-Index also staged a rally, rising 2.45 points, 2.72 percent, to close at 92.66.

By Thieu Gia

Other news