Stocks see-saw as investors remain cautious

Stocks on the Ho Chi Minh City market were on a bumpy ride Thursday as investors took profits during trading.

Heavy buying appeared soon after the opening bell as most shares fell to a very attractive price before rising, lifting the VN-index up by 2.22 points, 0.87 percent, in the first session.

But the benchmark index lost the little steam it had at the end of the second session as investors, who braced themselves for further falls on the market, sold strongly to take intraday profits.

VN-Index finally nudged down 0.24 point, 0.09 percent, to close at 245.85. Turnover was 9.4 million shares worth VND170 billion ($9.7 million). Among the index members, 57 advanced and 77 fell.

Analysts from many brokerages anticipated in their reports that the market will barely recover in the short-term as there is little positive news to boost it.

Construction and Materials Trading Joint Stock Company (CNT) tread water at VND10,100. The Ho Chi Minh City-based company informed the exchange that its deputy general director, Phung Dat Duc, bought 10,000 shares to raise his stake from 0.23 percent to 0.35 percent on February 16.

Seafood Joint Stock Company No4 (TS4) rose marginally at 1.52 percent to VND6,700. Citigroup Global Market Ltd and Citigroup Global Market Financial Products Ltd are no longer the firm’s substantial shareholders, after selling 59,290 shares to cut their stake from 5.04 percent to 4.34 percent, the bourse said in a statement on its website today.

Bibica Corporation (BBC) moved up 4.59 percent to VND11,400. The confectionery firm registered to buy back 150,000 and offer them to its workers as a reward before May 25, according to a report on the exchange’s website.

Tan Tao Group (ITA) lost 4.86 percent to close at VND17,600. The industrial zone operator has received approval to issue more than 3.6 million additional shares on the exchange.

Full Power Joint Stock Company (FPC) gained 1.51 percent to VND20,200. The firm, which specializes in setting up electricity networks at factories and residential areas, said on the exchange’s website that the chairman and founder, Chen Li Hsun, will sell 2.6 million shares to lower his holding from 16.22 percent to 8.34 percent.

In Hanoi, the HASTC-Index crept up 0.65 point, 0.77 percent, to close at 85.27.

By Thieu Gia

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