Stocks Regain Ground After Three Days of Tumbling

The Ho Chi Minh City Stock Exchange roared back on Friday after three days of tumbling, with the VN-Index gaining 19.78 points, or 4.72 percent, to close at 439.06.

Investors keep calm in current trading sessions. (Photo: Thieu Gia)

The benchmark index of the 160 leading firms and four closed-end funds listed on the exchange lost more than 12 percent after three falling days as investors reacted anxiously with the U.S. financial turmoil.

“The crisis in the U.S. investment banking firms like Lehman Brothers and AIG were resolved, calming sentiment on the local marketplace,” said one dealer in HCMC, adding the Thursday’s heavy buying by foreign investors contributed to today’s rally.

Trading volume reached 23.4 million shares. All but only one members of the index moved up, with 159 rising by the trading limit of 5 percent.

Minh Phu Seafood Joint-Stock Co. (MPC), gained for the first time in nine days, climbing VND700, or 4.9 percent, to close at VND15,000 (US$0.90). Nguyen Tan Anh, deputy general director of the company, increased his holding to 42,150 shares from 7,150 shares between June 17 and Sept. 17, according to a statement that appeared on the bourse's Web site Thursday. The company is based in the Mekong delta province of Ca Mau.

Saigon Telecommunication & Technologies Joint-Stock Co. (SGT) known as SaigonTel gained VND1,500, or 4.7 percent, to close at VND33,300 (US$2). Kinh Bac City Development Shares Holding Corp., SaigonTel's second-largest stockholder, registered to buy 412,000 shares and increase its stake to 18.89 percent from 18.19 percent by Oct. 19, HCMC-based SaigonTel said in statement posted Thursday on the exchange's Web site.

Corp. for Financing & Promoting Technology (FPT) advanced VND4,000 dong, or 4.9 percent, to close at VND86,500 (US$6.20). The Hanoi-based company reported a net profit of VND606 billion (US$36 million) in the first eight months on the exchange's Web site Wednesday. This compares to VND514 billion (US$30.9 million) in the same period last year.

Do Thanh Technology Joint-Stock Co. (DTT) rose VND600, or 4.6 percent, to finish at 13,600 (US$0.82). Board member Vo Ngoc Thanh planned to buy 10,510 shares and raise his holdings in the HCMC-based company to 20,000 shares, or 0.38 percent, from 9,490 shares, according to statement on the bourse's Web site.

SMC Trading Investment Joint-Stock Co. (SMC) gained VND1,500, or 4.8 percent, to end the last trading day of the week at VND32,700. Nguyen Ngoc Anh, board chairman and general director of the company, registered to buy 50,000 shares to increase his stake in the HCMC-based company to 1.15 million shares, or 10.48 percent, from the current 10.02 percent, from Sept. 22 to Dec. 22, according to a statement on the exchange's Web site. 

Reported by Thieu Gia

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