Viet Nam stocks track global recovery

The Ho Chi Minh Stock Exchange on Thursday advanced for the first time this month as investor confidence was boosted after a rally in international markets.

Investors, who saw Asian shares post gains in the morning, bought heavily in the first session, boosting the VN-Index.

Asian shares rose for a second straight day, though investors' willingness to take on risk was mainly limited to defensive plays, while the dollar and yen rose as central banks in the UK and Europe prepared to cut interest rates to their lowest in years, according to Reuters.

Share indexes in Shanghai, Hong Kong, and Singapore rose by around 2 percent each, while South Korea posted smaller gains.

But the buying in HCMC ran out of steam in the last two sessions and the benchmark index closed a mere 2.38 points, or 0.78 percent, up at 308.6.

Trading volume rose 22 percent to 10.8 million shares. Of the index’s 171 members, 87 advanced and 50 declined.

A HCMC-based analyst said only retail investors have returned to the market. “Institutional investors are still standing on the sidelines, waiting for more signs of certainty,” he said.

Saigon Thuong Tin Commercial Joint Stock Bank, or Sacombank, the exchange’s only listed lender, remained the most active stock by volume, with 1.51 million shares being traded.

The HCMC-based bank declined by VND100, or 0.51 percent, to close at VND19,600.

Vegetexco Port Joint Stock Co. (VGP) lost VND1,000, or 4.76 percent, to close at VND20,000. The port operator announced on the exchange’s website that it would pay a dividend of 8 percent. It goes ex-dividend on December 12.

Among the day’s winners were Vietnam Dairy Products Joint Stock Co. (VNM), the country’s largest dairy firm, which gained VND1,000, or 1.33 percent, to finish at VND76,000.

Deutsche Bank sold 359,720 shares in the firm last month to pare its stake to 5.5 percent from 5.71 percent, according to the exchange.

Hanoi stocks rose for a second straight session as the HaSTC-Index gained 2.46 points, or 2.36 percent, to close at 106.62.

Reported by Thieu Gia

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