Market closes on brighter notes over international rallies

The Ho Chi Minh Stock Exchange regained some grounds on Thursday after falling for 11 days in a row, following international markets’ positive move.

The benchmark VN-Index gained for the first time in almost two weeks, adding 8.83 points, or 3.8 percent, to close at 244.33. Among the index’s 177 members, ten stocks gained for each that fell.

Analysts said investors were in buying mode as their confidence was boosted by the rally in the US’s stock.

US stocks rose more than 3 percent on Tuesday to snap back from 12-year lows, after Federal Reserve Chairman Ben Bernanke delivered a big dose of relief when he signaled that nationalization of big banks was not at hand, according to Reuters.

Ho Chi Minh Infrastructure Investment Co. (CII), a construction and property company, increased 4.6 percent to VND18,100, the first advance since February 9. The company expects its net profit to rise 5 percent this year to VND156 billion (US$9 million), the exchange said late yesterday.

Nam Viet Corp. (ANV), Vietnam’s leading catfish processor, climbed 4.9 percent to VND10,800. Doan Chi Thien, son of General Director Doan Toi, bought a 12.82 percent holding in the company, according to a statement on the exchange’s Web site late yesterday.

Da Nang Plastic Joint-Stock Co. (DPC) gained 2.4 percent to VND8,500. Dinh Cuu, a member of the board of management, plans to buy 20,000 shares to increase his holding in the company to 1.34 percent from 0.45 percent, the exchange said in a statement on its Web site. The purchase started February 2 and will be completed by December 31.

Cadovimex Seafood Import-Export Joint-Stock Co. (CAD) advanced 4.6 percent to
VND6,900. Tran Minh Hoang, a member of the board of management, registered to buy 25,000 shares starting from February 26, according to a statement on the exchange. Hoang is planning to raise his holding stake to 1.34 percent from 1.02 percent.

At the smaller bourse in Ha Noi, the HaSTC-Index also bounced back, closing higher 3.87 points, or 4.96 percent, at 81.93.

Reported by Thieu Gia

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