Stocks rise during calm sentiment

The Ho Chi Minh Stock Exchange opened this week with a fairly strong rally on Monday as investor confidence was calmly restored after Friday’s rebound.

The VN-Index rose 5.94 points, 2.11 percent, to close at 287.57.

But trading volume was thin, with only 5.4 million shares worth VND126 billion ($7.2 million). Turnover last week reached an average of 6.4 million shares.

Of the index’s 176 members, 117 rose, 33 tread water and 26 fell.

Investors reacted positively with last Fridays’ 1.38 percent gain, but the thin turnover showed that they were afraid of a heavy sell-off appearing after three days. Investors received their shares in their accounts due to the T+3 standard, of which three days are required for regular settlement of a stock transaction. 

PetroVietnam Finance Joint-Stock Co. (PVF VN), a subsidiary of Vietnam Oil & Gas Group and ten percent owned by Morgan Stanley, rose VND500, 3 percent, to VND17,300 ($0.99). Chairman Nguyen Dinh Lam registered to buy 20,000 shares, starting from today, Dau Tu Chung Khoan magazine reported. The purchase will be completed by March 9, it said, adding that Lam currently does not own any shares in the company.

Minh Phu Seafood Joint-Stock Co. (MPC), which produces and exports seafood, advanced VND400, 3.9 percent, to VND10,800. Chu Thi Binh, deputy general director, raised her stake by 500,000 shares to 16.9 million shares, Dau Tu Chung Khoan said today. Binh registered to buy another one million shares, starting from February 10, the magazine added.

620 Chau Thoi Concrete Corporation (BT6) jumped VND3,000, 4.55 percent, to close at VND69,000. The cement manufacturer informed the bourse that Ha Duc Binh, a director on the board, became a shareholder by buying 1,300 shares last month.

An Pha S.G Petrol Joint Stock Company (ASP), a gas supplier, remained unchanged at VND7,700. The firm said on the exchange’s website that net profits in the last quarter of 2008 rose sharply by 182 percent from the previous quarter to VND7.7 billion ($440,000).

Ben Tre Forestry and Aqua Product Import Export Joint Stock Company (FBT) lost VND500, 2.7 percent, to close at VND18,000. Phan Duy Lam, son of Chief Accountant Nguyen Thi Vui, sold his entire holdings of 20,000 shares on February 4, according to a report on the exchange’s website.

The smaller exchange in Hanoi also moved up on Monday, with the HaSTC-Index gaining 2.78 points, 3 percent, to close at 95.44.

By Thieu Gia

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