Local stock market makes a comeback
Posted by Bao Viet Nam on August 13, 2008
HA NOI — The stock market marked five consecutive days in the green, with increases dominating electronic boards at both bourses yesterday.
The HCM City Stock Exchange’s benchmark VN-index rose 5.09 points or 1.12 per cent to close at 459.89 points with purchases outnumbering sales.
The bourse witnessed over 21.9 million shares changing hands at a total turnover of VND791.6 billion (US$48 million). As many as 138 codes gained, 10 lost and 12 remained unchanged.
A big rise was seen for Hau Giang Phamarceuticals (DHG) at VND3,000, to end at VND136,000 per share. Binh Dinh Minerals (BMC) rose VND3,000 to close at VND108,000; PV Drilling (PVD) was up VND2,000 to stand at VND101,000; and FPT increased VND2,000 to close at VND74,000.
Some stocks were not so lucky, with drops for IMP of Imexpharm Pharmaceutical, ITA of Tan Tao Industrial Development Corporation and VNS of Vinashun.
STB of Sacombank was the most active share with 3.48 million shares changing hands. The code was followed closely by Phu My Fertiliser of DPM at 3.18 million, SAM of Sacom with 1.17 million shares and HPG of Hoa Phat group at 1.14 million shares traded.
Meanwhile, BBT of Bach Tuyet Cotton Corporation slipped 0.1 points to stand at VND6,000 per share, marking its 17th consecutive losing trading session. Until now, the corporation has not addressed financial difficulties.
Gia Dinh Textile Garment, who owns 30 per cent of BBT’s stake, asked the corporation to independently audit its finance status before approving plans to issue additional share to raise charter capital.
In Ha Noi, the HASTC-Index rose 2.52 points to close at 139.54. This is the third consecutive increase of the HASTC-Index.
The northern bourse saw 12 million shares changing hands with a total turnover of VND416.8 billion.
Of the total 146 listed shares, 135 were up, nine were down and two were inactive. VSP of Vinashin saw the highest increase at VND5,100 to end at VND133,300 and DTC of Dong Trieu Viglacera was up VND3,700 to end at VND98,500.
Doan Duc Vinh of Au Viet Securities said that the VN-index could exceed over 480 points this month as it did in July. He attributed the increase to the fresh fall in crude oil prices and a sharp reduction in gold prices, prompting investors to turn their interest to the rallying stock market.
Quang Minh, an investor with APEC Securities, said the market was also supported by a cut in lending interest rates by commercial banks, and the Government’s efforts to control inflation. In addition, the prices of cement, fertiliser and steel are going down. All these factors were good news for the stock market.
Local gold prices in Ha Noi early yesterday suddenly lowered to less than VND17 million per tael (equivalent to 1.2 ounces). As a result, investors have rushed to gold shops to buy as much as possible. Late in the afternoon, gold prices increased to over VND17.2 million per tael on high demand from local customers.
Pham Hoang Lan of Ha Noi Jewellery Shop said her company has enough gold to meet customer demand. On the global market, the price of gold was down to US$803 per ounce yesterday. —
