Sharp buying shows stocks rebound

Stocks on Vietnam’s major market in Ho Chi Minh City on Thursday roared back after correcting Wednesday on the back of a buying frenzy.

VN-Index closed higher 4.59, or 1.35 percent, at 343.88. The index, a measure of 177 leading companies and four closed-end funds, regained nearly 10 percent this year.

Turnover remained very high, with 41.7 million shares worth VND1.2 trillion ($67.4 million) changing hands. Of the index members, 114 stocks moved up and only 51 slid.

Foreign investors continued to buy heavily, pumping in VND29 billion worth of shares today.

Sacombank (STB) remained the most active stock by volume, made a record in turnover with 8.2 million shares worth VND192 billion being traded.

The HCMC-based bank, partly owned by ANZ, closed at VND23,500, showing a surge of 4.91 percent.

Kinh Do Corporation (KDC) rose 2.5 percent to close at VND32,800. Chief accountant Huynh Tan Vu will sell 5,190 shares out of his holdings of 5,198 Friday, according to a statement on the exchange’s Web site Thursday.

Vietnam Blue-chips Investment Fund (VFMVF4) jumped by the maximum daily trading limit of 5 percent to close at VND6,300. The fund manager said on the bourse’s Web site that Bao Viet Securities Corporation, one of its substantial shareholders, sold nearly 2.6 million shares last month to cut its stake to 11.41 percent from 14.63 percent.

Khanh Hoi Import Export Joint-Stock Company (KHA) edged up percent VND13,700. PetroVietnam Joint-Stock Finance Corporation lower its stake to 4.99 percent from 6.12 percent by selling 160,000 shares on April 3, according to a report on the exchange’s Web site.
 
Hoa Phat Group (HPG) closed sharply higher 4.96 percent at VND40,200. The steel maker announced that VOF Investment Limited will be no longer its substantial shareholder as the fund manager registered to sell 4 million shares to reduce its stake to 3.77 percent from 5.8 percent.

Domesco Medical Import Export Joint-Stock Corporation (DMC) increased 4.31 percent to VND46,000. The drug maker informed to the exchange that chairman and chief executive Huynh Trung Chanh bought 6,000 shares to raise his holding to 0.78 percent from 0.73 percent.

The purchase began today and will finish on May 16, according to the bourse’s Web site.

The Hanoi Securities Trading Center also regained grounds, with the HaSTC-Index increasing 1.56, or 1.22 percent, to finish at 129.45.

Reported by Phuc Huy

Other news