Stocks add little as investors wait on information

Vietnam’s benchmark VN-Index, which tracks 182 companies and four mutual funds on the Ho Chi Minh Stock Exchange, gained 0.25 percent November 17 as investors, wary of a dearth of news, were happy with small purchases.

The index added 1.38 points to close at 547.08 as nearly 60 million shares worth VND2.5 trillion (US$215.4 million) changed hands.

The shortage of information dragged the index down several times during the session. By close, 72 shares had advanced, 82 had dropped, and 32 had remained unchanged. Most rubber stocks closed up while banking and finance shares finished in the red.

Duc Thanh Wood Processing Joint Stock Co. (GDT) closed at the offer price of VND36,000 on listing day when stocks are allowed to trade 20 percent up or down.

Big gainers included Phuoc Hoa Rubber Joint Stock Co. (PHR) based in nearby Binh Duong Province, which rose 4.99 percent to VND42,100, and Khanh Hoa Power Joint Stock Co. (KHP) based in the central province of Khanh Hoa, which added 4.98 percent to finish at VND25,300.

Saigon Commercial Bank, or Sacombank (STB), which fell 0.37 percent to VND27,000 was the most active stock by volume, with 3.77 million shares being traded.

Hanoi-based real estate investor LICOGI 16 Joint Stock Co. (LCG) was next with around 2.6 million shares as it closed at VND91,500, up 4.57 percent. The HCM City-based forwarding company Gemadept Corp. (GMD) followed with 2.4 million shares as it rose 4.65 percent to VND90,000.
Tan Tien Plastic Packaging Joint Stock Co. (TTP), a packaging maker also based in the city, gained 0.2 percent to finish at VND50,000. Saigon Securities Inc. had raised its stake in Tan Tien the previous day to 6.7 percent from 5 percent, the latter said in a statement to the exchange.

Hanoi’s HNX-Index dropped 0.5 points, or 0.27 percent, to close at 182.67. Nearly 22 million shares worth VND890 billion changed hands.

US stocks rallied sending benchmark indexes to 13-month highs, and commodities gained as retail sales rebounded and Asian government leaders pledged to maintain economic stimulus spending. The dollar fell to a 15-month low and Treasury two-year yields touched the lowest level since January.

By Dong Nghi

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