Investors’ confidence keeps market high

Vietnam’s VN-Index, the benchmark measure of 186 companies excluding a newly listed one and four mutual funds on the Ho Chi Minh Stock Exchange, advanced for a third day, climbing 2.14 percent December 1.

The index closed at a four-day high of 514.92 as investors showed they were willing to buy. Trading became more active with nearly 43.3 million shares worth VND1.9 trillion (US$103.9 million) changing hands.

On the index, 161 stocks rose, 12 fell and 18 were unchanged.

Dinh Vu Port Investment and Development Joint Stock Co. (DVP) in northern Hai Phong City had 20 million shares traded at VND49,200 on its debut day, higher than its offered price of VND41,000. The listing raised the number of firms on the exchange to 187.

Other big gainers were Thien Nam Trading & Import-Export Corp. (TNA) in HCM City and Techno – Agricultural Supplying Joint Stock Co. (TSC) in the Mekong Delta city of Can Tho, both closing up by the maximum daily limit of 5 percent to VND21,000 and VND33,600 respectively.

The most active stock in volume was still Saigon Commercial Bank or Sacombank (STB) with 5.4 million shares traded at VND26,600, up 4.72 percent from Monday.

It was followed by the country’s largest brokerage, Saigon Securities Inc. (SSI), which had more than 2.12 million shares traded at a 4.49 percent increase over Monday or VND81,500, and Vietnam Securities Investment Fund (VFMVF1 or VF1) having 1.79 million shares traded. The country’s first equity fund added 4.46 percent to VND16,400.

Ho Chi Minh City Securities Corp. (HCM), a stock brokerage, rose 4.76 percent to VND77,000. The company recovered from Monday, saying Dragon Capital Markets Ltd. will start buying 395,000 shares in the brokerage from December 1 to raise its holding to 12.62 million shares, or 31.97 percent, according to a statement on the bourse’s website.

Vietnam-Italy Steel Joint Stock Co. (VIS) gained after falling for seven consecutive sessions, rising 4.55 percent to VND80,500. The steel maker’s net profit dropped to VND61.2 billion in the third quarter, from 103 billion in the second quarter after production fell by 8 percent and sales slowed by 6.2 percent, according to a company statement on the exchange’s website.

Huu Lien Asia Corp. (HLA VN), also recovered from seven losing days in a row, adding 4.79 percent to VND30,600. BIDV Financial Investment Joint Stock Co. on Monday said it will halve its stake in the HCM City-based steel pipe maker.

Hanoi’s HNX-Index rose 6.84 points, or 4.23 percent, to close at 168.69. More than 21 million shares worth VND722 billion changed hands.

The UP-CoM Index dropped 0.91 percent to 57.45. A total of 100,380 shares were traded at VND1.16 billion.

On the global market, major stock indexes including the Dow Jones industrials, the Standard & Poor’s 500 and The Nasdaq composite index closed up Monday extending the US market’s November gain to the monthly biggest since July – 6.5 percent for the Dow and 4.9 percent for Nasdaq.

The market gained as investors shook off worries about the strength of holiday sales and Dubai’s financial problems, AP said.

By Thieu Gia

Other news