Stocks open week on brighter note

Vietnam’s benchmark VN-Index slightly edged up on May 24 as investors calmed down after sharp reversals last week.

The index, which tracks 230 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, added 0.52 percent, or 2.5 points, to open week at 486.19.

Liquidity dropped below 50 million shares, though experts considered the current prices of several stocks to be reasonable for purchase. Moreover, investors hesitated to buy due to concerns over price-traps. Thus, around 44.2 million shares worth VND1.21 trillion changed hands.

On the city bourse, 124 stocks gained, 79 fell and 31 remained unchanged.

Again, Saigon Securities Inc. (SSI) finished in the top position for most active shares in volume with 2.92 million.

Transport Engineering Construction & Business Investment Stock Company 584 (NTB) came in next with 1.36 million shares, followed by Saigon Thuong Tin Commercial Bank or Sacombank (STB) with 1.35 million shares.

Construction company Nam Viet Joint Stock Company (NAV), which surged by the daily allowed limit of 5 percent, climbed VND14,700, to lead the big gainers on the southern market.

Ninh Van Bay Real Estate Joint Stock Company (NVT) and Son Ha International Corporation (SHI), both located in Hanoi, closed up 4.96 percent to VND25,400 and VND29,600 respectively.

Losers on the city bourse included Can Don Hydro Power Joint Stock Company (SJD), Lu Gia Mechanical Electric Joint Stock Company (LGC) and Bao Viet Holdings (BVH).

The smaller bourse in the north also performed well as the Hanoi-based HNX-Index rose 3.27 points, or 2.44 percent, to close at 156.41. More than 37.1 million shares worth VND1.09 trillion were traded.

In contrast, The UPCoM-Index dropped 0.28 points to 48.22. Approximately VND55.2 billion were spent on 4.9 million shares.

By Phong Linh

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