VN-Index rise above 370 over upbeat sentiment

The Ho Chi Minh Stock Exchange remained on an upward trend on Monday with positive moves continuing to boost sentiment.

The VN-Index of 181 leading shares moved up for the second straight session, closing higher 1.84 percent at 372.95. The index has regained around 19 percent this year.

Trading volume reached 41 million shares worth VND1.25 trillion (US$74 million), with 93 shares advancing and 63 falling.

PetroVietnam Fertilizer & Chemical Joint-Stock Company (DPM), Vietnam’s biggest fertilizer producer, rose 1.2 percent to a six-month high of VND43,500.

PetroVietnam Finance Co., a subsidiary of Vietnam Oil & Gas Group, said May 8 it will lend Vinacafe Buon Ma Thuot Co. up to VND750 billion ($42.2 million) to fund development of a coffee plantation. Vinacafe will use the money to buy products from PetroVietnam Fertilizer, the statement said.

An Giang Fisheries Import & Export Joint-Stock Company (AGF), a seafood processor and trader, dropped four percent to VND19,400, its lowest since April 29. Pretax profits fell 62 percent in the first quarter from a year earlier to VND2 billion, the company said in a statement on the bourse’s website after the market closed on May 8.

The company’s sales were affected by declining demand from Europe and other export
markets due to the global economic crisis, and Russia’s suspension of Vietnamese seafood imports in December last year, the statement said.

An Giang also had to put aside some money to provide for losses in other financial investments, the statement added.

Tan Tien Plastic Packaging Joint-Stock Company (TTP), a packaging maker partly owned by Citigroup, rose 1.5 percent to VND34,600, its highest since June 5.

Saigon Securities Incorporation (SSI), Vietnam’s biggest publicly traded brokerage, bought 40,000 shares in Tan Tien to increase its holding to 768,820 shares, 5.13 percent, according to a statement on the exchange’s website after the market closed on May 8.

The smaller bourse in Hanoi see-sawed on Monday, it increased in the first session before falling into a negative territory after heavy selling. The HaSTC-Index crept down 0.45 percent to close at 130.64.

Reported by Thieu Gia

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