Bull market charges over foreign buys, Asian rallies

Heavy buying on large caps from foreign investors continued to boost the Ho Chi Minh Stock Exchange on Thursday.

The benchmark VN-Index stretched its winning run to three days in a row, rising 8.62 points, 3.1 percent, to close at 286.25.

The market’s liquidity remained high, with 26 million shares worth VN582 billion ($33.3 million) changing hands. Of the 181 listed companies 101 advanced and 50 dropped.

Foreign players remained net sellers for the sixth straight session, pumping in more than VND72 billion today.

PetroVietnam Fertilizer and Chemical Joint-Stock Company (DPM), software developer FPT Corporation (FPT), steel maker Hoa Phat Group (HPG) and PetroVietnam Finance Joint-Stock Corporation (PVF) were among their favorite stocks.

Analysts said rallies on Asian markets also added to the upbeat mood.

Asian shares hit their highest level in 11 weeks on Thursday on hopes the U.S. economic downturn may be easing, while the dollar recovered after its latest wobble over its status as the main reserve currency, according to Reuters.

The MSCI index of Asia-Pacific stocks outside Japan gained for a fourth consecutive session and was up 1.5 percent after earlier hitting its highest since January 8.

Japan's Nikkei average gained 0.5 percent.

Stock indexes in Hong Kong, Shanghai and Singapore gained about one to two percent each. Shares in South Korea and Australia rose about one percent each.

LICOGI 16 Joint-Stock Company (LCG) increased 3.93 percent to close at VND34,400. The state-owned Infrastructure Development and Construction Corporation registered to sell 200,000 shares in both off- and on-market trades to lower its stake from 11.65 percent to 7.97 percent, according to a statement on the bourse’s website.

The transaction will start on April 7 and finish July 7.

Tu Liem Urban Development Joint-Stock Company (NTL) rose 4.82 percent to close at VND32,600. The Hanoi-based property developer said on the exchange’s website that Nguyen Thi Mai, an individual shareholder, became a substantial shareholder after raising her stake from 4.8 percent to 5.22 percent by buying 54,270 shares.

The HaSTC-Index of the smaller bourse in Hanoi seesawed today.

The index of 177 stocks rose above the psychological barrier of 100 points soon after the opening bell but lost some ground in the next session and dropped back to 99.46 points.

But sharp buying in the last session lifted HaSTC-Index up by 1.65 points, 1.68 percent, to finish at 100.04.

Reported by Thieu Gia

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