Stocks continue to rally over heavy trading volume

The Ho Chi Minh Stock Exchange rallied for the third straight session on Tuesday as big bucks kept pouring in the market.

VN-Index closed at 347.07, showing a gain of 7.06, or 2.08 percent.

Investors continued to buy aggressively while many others start to sell off to book profits from previous surges, boosting the turnover to nearly 49 million shares worth VND1.26 trillion ($70.8 million).

Of the index’s 181 members, 118 advanced and a mere 33 declined.

Foreign investors were back into buying mode, pumping in VND16.3 billion worth of shares.

Sacombank (STB), the exchange’s only listed lender, remained the most liquid stock, with more than 10 million shares worth VND218.2 billion changing hands. The bank moved up for seven trading days in a row, surging 4.83 percent to VND21,700.

Song Da Urban and Industrial Zone Investment and Development Joint-Stock Company (SJS) jumped 4.31 percent to VND60,500. The construction firm, known as SUDICO, announced on the bourse’s Web site it will hold the annual general meeting in Hanoi on April 22.

OPC Pharmaceutical Joint-Stock Company (OPC) was also among today’s winners, surging 4.79 percent to VND30,600. Vice chairman Trinh Xuan Vuong registered to buy 250,000 shares before June 14 to raise his stake to 8.12 percent from 5.07 percent, according to a statement on the exchange’s Web site.

LICOGI 16 Joint Stock Company (LCG) rose sharply 4.98 percent to close at VND44,300. State-owned Infrastructure Development and Construction Corporation will sell 200,000 shares to cut its stake to 5.03 percent from 6.5 percent in off- and on-market trades, the bourse reported on its Web site.

Saigon Securities Incorporation (SSI), Vietnam’s biggest brokerage, increased by the maximum trading limit of 5 percent to close at VND42,200. The brokerage has received approval to issue more than 16 million additional shares on the Ho Chi Minh Stock Exchange.

Hoang Anh Gia Lai Joint-Stock Company (HAG) moved up 3.7 percent to VND70,000. The furniture maker said on the exchange’s Web site that it will buy back 3 million shares. The buyback will begin on April 20 and finish on July 20.

The smaller bourse in Hanoi also gained grounds, with the HaSTC-Index rising 3.59 percent to finish at 130.94.

Reported by Ngoc Thien

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