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Vietnam Index Loses But Analysts Hopeful About 1,000-Point Mark

Vietnam Index Loses But Analysts Hopeful About 1,000-Point Mark

Vietnam’s benchmark Ho Chi Minh City index edged down Tuesday after two days of rises but analysts remain hopeful of a strong recovery later this year.

The VN-Index lost 6.49 points to close at 902.58.

The analysts believed the index would cross the important 1,000-point mark before the year was out.

Many foreign portfolio funds like VinaCapital and Indochina Capital have made profits and announced plans to invest at the right time since the market remains very promising.

On Tuesday 5 million shares were traded for VND537 billion (US$33 million), down 12 percent and 4 percent respectively.

Of 112 stocks listed 51 lost and 35 gained.

Major blue chips like SJS, PVD, KDC, SAM, and VNM fell marginally.

Several small cap stocks like CLC, DMC, HAP, IMP, and LBM hit the 5 percent upper ceiling.

Samcombank topped volumes with 445,800 shares and finished slightly down at VND53,000. The analysts said it was a good price to accumulate the stock.

Foreign investors were net buyers, investing VND81 billion in stocks like VIP, DMC, VSH, FPT, and VNM.

They sold only 667,340 shares for VND88 billion.

The two mutual funds PRUBF1 and VFMVF1 edged down respectively to VND10,900 and VND29,300.

In Hanoi, the HASTC-Index gained 0.39 points to close at 250.69.

Song Da 6.06 Joint Stock Company became Tuesday the 89th stock to list on the exchange.

The market saw 550,000 shares exchanged for VND54 billion, down 15.3 percent and 17 percent respectively.

Out of 89 stocks listed, 42 lost and 25 gained.

Saigon Securities Inc., (SSI) - Vietnam’s largest broker – led the market in terms of both trading volume and value with 110,000 shares changing hands for VND17 billion.

Foreign investors in the smaller market invested VND12 billion – up 26 percent - in 84,800 shares.

Source: Thanh Nien

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