Market up as steam returns

Vietnam’s VN-Index, a measure of 186 companies, including one newly listed one, and four mutual funds on the Ho Chi Minh Stock Exchange, rose 1.23 percent Wednesday as investors put more confidence in stocks.

The benchmark added 6.75 points to finish at 553.83, the highest since November 6. Trade volume increased to 51.7 million shares worth nearly VND2.9 trillion (US$162.3 million), below VND3 trillion for eight days in a row.

Stocks stayed in the red for almost the first half of the session before more money was poured in. After-the-bell announcement saw 104 advancers while 55 shares dropped and 27 were unchanged.

The industrial refrigeration company Searefico (SRF) in HCM City was the biggest winner gaining 4.96 percent to VND40,200.

Other big gainers included the Dry Cell & Storage Battery Joint Stock Co. or Pinaco (PAC), Vietnam’s largest battery maker also in the city, and Lam Son Sugar Joint Stock Corp. (LSS) in northern Thanh Hoa Province. Both closed up 4.95 percent.

Hanoi-based real estate investor LICOGI 16 Joint Stock Co. (LCG) topped the list of most active stocks in volume as having more than 2.87 million shares traded on the city bourse. The company added 4.92 percent to VND96,000.

The Vietnam Export Import Bank or Eximbank (EIB) was next with around 2.54 million shares traded at VND25,000, down 1.19 percent. The unchanged Saigon Commercial Bank or Sacombank which closed at VND27,000 followed with 1.93 million shares.

Vincom Joint Stock Co. (VIC), Vietnam’s second-biggest listed property company, dropped 1.82 percent to VND110,000 after robust growth of 3.7 percent on Tuesday. The real-estate developer has raised $100 million by selling convertible bonds on the Singapore Stock Exchange, according to a person familiar with the matter who asked not to be named because the person is not authorized to discuss the matter.

Refrigeration Electrical Engineering Joint Stock Co. (REE), a maker of air conditioners and electrical appliances, dropped 0.98 percent to VND51,000 after adding 3.4 percent on Tuesday. The company said pretax profit in the 10 months through end-October reached VND417 billion ($23 million), beating the full-year target of VND250 billion, according to a statement filed on the exchange’s website.

Duc Thanh Wood Processing Joint Stock Co. (GDT VN), which manufactures, distributes and exports furniture for interior decoration, rose 2.17 percent to VND36,800 on the second day of trading on the exchange. The listing increased the number of companies on the exchange to 182.

Hanoi’s HNX-Index rose 2.5 points, or 1.37 percent, on its 1,000th trading day to close at 185.17. Around 26.2 million shares worth VND1.1 trillion changed hands.

US stocks finished an erratic session mixed Tuesday as higher commodity prices lifted energy and materials shares. Major stock indexes had their third straight advance, reaching new 13-month highs. Stocks had zigzagged for much of the day on mixed news from retailers and industrial production.

By Dong Nghi

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