Stock market upbeat on economic stimulus package

Buoyancy was restored on the Ho Chi Minh Stock Exchange Monday as upbeat investors returned after the Government said the proposed economic stimulus package could be much larger than initially announced.

The VN-Index moved up 8.74 points, or 2.92 percent, to close at 308.28. Of its members, 140 gained, 15 lost, and 18 were unchanged.

Deputy Prime Minister Nguyen Sinh Hung said December 14 that the Government could increase the economic stimulus package to VND100 trillion (US$5.8 billion).

The spending package, to be approved at a Government meeting at the end of this month, is likely to be far in excess of the $1 billion announced earlier this month, he said at a government-business dialogue in Hanoi.

Small and medium-sized enterprises would be offered tax breaks and deferred tax payments, he said at the final day of the two-day Vietnam Young Entrepreneurs’ Organization congress.

Post and Telecommunication Investment and Construction Joint Stock Co. (PTC) today moved to the HCMC exchange from the smaller market in Hanoi to become the 173rd member of the main market.

The construction firm closed at VND10,000 on its first trading day.

Vincom Joint Stock Co. (VIC) gained VND1,500, or 1.82 percent, to close at VND84,000. The Hanoi-based construction company said on the exchange’s website that Pham Van Sinh, brother of deputy general director Pham Van Khuong, had sold his entire stake of 19,750 shares last month.

Tan Tao Investment – Industry Corp. (ITA) rose VND1,300, or 4.98 percent, to close at VND27,400. The industrial zone operator has received approval to issue 17,245,035 bonus shares to existing shareholders.

Vegetable Oil Packing Joint Stock Co. (VPK) added VND300, or 4.48 percent, to finish at VND7,000. The head of the firm’s supervisory board, Pham Duc Trinh, bought 2,000 shares without informing the exchange, according to a statement on the exchange’s website. The exchange has sought an explanation from the firm.

In Hanoi, the HaSTC-index closed at 110.14 points, a 4.15 percent increase.

Reported by Thieu Gia

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