boiman
24-09-2008, 05:45 PM
An investor checks the latest international market
movements on Bloomberg Television, broadcast in SSI’s brokerage office
in Ho Chi Minh City.
Shares on Vietnam’s major stock market in Ho Chi Minh City lurched higher Tuesday as a record number of shares changed hands.
The VN-Index of 160 leading companies and four
closed-end funds see-sawed during the day, finishing 1.3 percent
higher. The benchmark index retreated during the first two of its three
daily sessions, in reaction to the U.S. stock market’s tumble on Monday.
Nervous domestic investors sold heavily early in the
day, seeking to exit the market, after U.S. stocks dropped on Monday.
Regional banks led the U.S. stock market decline, overshadowing the
government's expanded bailout package for the troubled American
financial system.
The VN-Index heavy buying, which began at the end of
the second session and lasted until the closing time, helped the
exchange to end the day on a positive note, rising 6.01 points to close
at 465.87.
Trading volume reached an all-time record of 40
million shares worth VND1.4 trillion (US$84 million). Of the index’s
members, 61 rose and 81 fell.
“Many investors reacted nervously to the U.S. stock
market’s retreat last night,” said Nguyen Hai Son, a broker from HCMC’s
FPT Securities Corp. “But heavy buying from investors, who couldn’t buy
shares on Monday, and buying by foreigners helped calm other players.”
The director of a HCMC brokerage, who asked not to be
identified, said foreign investors may be diverting funds previously
invested in the U.S. to Vietnam’s benchmark stock market.
Foreign investors were in a shopping mood Tuesday,
pumping in VND443 billion ($26.6 million) while selling shares worth a
mere VND158 billion ($9.5 million). Their five top picks were
PetroVietnam Fertilizer and Chemical Joint Stock Company (DPM), seafood
firm Minh Phu (MPC), software developer FPT (FPT), closed-end fund VF1
(VF1) and petroleum transport firm Vipco (VIP).
Son predicted the market would remain positive Wednesday.
The HCMC-based Kim Eng Vietnam Securities Joint Stock
Company’s stock expert Ken Tai said at a meeting on Monday that the
VN-Index would range from 416 points to 493 points and Hanoi’s
HASTC-Index will be around 131 to 167 points this week. He also warned
investors to be cautious as both markets would remain volatile.
Port operator Vegeport (VGP) became the best mover
Tuesday, advancing VND1,300, or 4.98 percent, to close at VND27,400.
Saigon Thuong Tin Commercial Joint Stock Bank (STB), the exchange’s
only listed lender, known as Sacombank, was the most active by volume,
with 4.8 million shares exchanging hands.
The Hanoi Securities Trading Center also ended in the
positive Tuesday, with the HASTC-Index rising 2.18 points, or 1.45
percent, to close at 152.62.
movements on Bloomberg Television, broadcast in SSI’s brokerage office
in Ho Chi Minh City.
Shares on Vietnam’s major stock market in Ho Chi Minh City lurched higher Tuesday as a record number of shares changed hands.
The VN-Index of 160 leading companies and four
closed-end funds see-sawed during the day, finishing 1.3 percent
higher. The benchmark index retreated during the first two of its three
daily sessions, in reaction to the U.S. stock market’s tumble on Monday.
Nervous domestic investors sold heavily early in the
day, seeking to exit the market, after U.S. stocks dropped on Monday.
Regional banks led the U.S. stock market decline, overshadowing the
government's expanded bailout package for the troubled American
financial system.
The VN-Index heavy buying, which began at the end of
the second session and lasted until the closing time, helped the
exchange to end the day on a positive note, rising 6.01 points to close
at 465.87.
Trading volume reached an all-time record of 40
million shares worth VND1.4 trillion (US$84 million). Of the index’s
members, 61 rose and 81 fell.
“Many investors reacted nervously to the U.S. stock
market’s retreat last night,” said Nguyen Hai Son, a broker from HCMC’s
FPT Securities Corp. “But heavy buying from investors, who couldn’t buy
shares on Monday, and buying by foreigners helped calm other players.”
The director of a HCMC brokerage, who asked not to be
identified, said foreign investors may be diverting funds previously
invested in the U.S. to Vietnam’s benchmark stock market.
Foreign investors were in a shopping mood Tuesday,
pumping in VND443 billion ($26.6 million) while selling shares worth a
mere VND158 billion ($9.5 million). Their five top picks were
PetroVietnam Fertilizer and Chemical Joint Stock Company (DPM), seafood
firm Minh Phu (MPC), software developer FPT (FPT), closed-end fund VF1
(VF1) and petroleum transport firm Vipco (VIP).
Son predicted the market would remain positive Wednesday.
The HCMC-based Kim Eng Vietnam Securities Joint Stock
Company’s stock expert Ken Tai said at a meeting on Monday that the
VN-Index would range from 416 points to 493 points and Hanoi’s
HASTC-Index will be around 131 to 167 points this week. He also warned
investors to be cautious as both markets would remain volatile.
Port operator Vegeport (VGP) became the best mover
Tuesday, advancing VND1,300, or 4.98 percent, to close at VND27,400.
Saigon Thuong Tin Commercial Joint Stock Bank (STB), the exchange’s
only listed lender, known as Sacombank, was the most active by volume,
with 4.8 million shares exchanging hands.
The Hanoi Securities Trading Center also ended in the
positive Tuesday, with the HASTC-Index rising 2.18 points, or 1.45
percent, to close at 152.62.