boiman
03-11-2008, 06:09 PM
The Ho Chi Minh Stock Exchange Friday wrapped up the
week rising for the third straight session following overnight gains on
Wall Street.
The VN-Index, a measure of 162 companies and four closed-end funds, added 3.11 percent to close at 347.05 points.
Nguyen Hai Son, a broker at FPT Securities Co. in
HCMC, said apart from the good news about global stock markets, the
fuel price cuts contributed to the rally.
Local oil product importers, after getting the
government’s approval, Friday lowered the price of 92-octane gasoline
for the fourth time this month to VND15,000 (US$0.90) a liter from
VND15,500. Diesel came down by 3.4 percent to VND14,000.
However, trading volume on the HCMC stock market dropped to around 14.6 million shares from Thursday’s 17.5 million.
Among the index stocks, 117 rose, 29 dropped and 20 were unchanged.
“The stock market will zigzag next week and hover between 340-350 points,” Son said.
Many large cap stocks like software developer FPT
Corp. (FPT), dairy maker Vinamilk (VNM), Pha Lai Thermal Power (PPC),
Saigon Thuong Tin Commercial Joint Stock Bank (STB), and Saigon
Securities Inc. (SSI) climbed by almost 5 percent, the daily allowed
limit.
Saigon Securities Inc., Vietnam’s largest brokerage,
rose VND1,500, or 4.9 percent, to close at VND31,800. Australia and New
Zealand Banking Group purchased 947,350 shares to increase its stake in
the company to 18.35 percent from 17.66 percent, according to the stock
exchange’s website.
Cuu Long Fish Joint Stock company (ACL) and Saigon
Garment Manufacturing Trade Joint Stock Company (GMC) were the biggest
losers as they plunged by the daily allowed limit of 5 percent.
Cuu Long fell VND1,800 to VND34,200.
Le Thi Le, wife of Chairman Tran Van Nhan, registered
to sell 500,000 shares to slash her holding in the company to 13.3
percent from 18.9 percent, according to a statement posted on the
exchange's website late Thursday after the market closed. The sale is
expected to start on November 4 and finish by January 4 next year, the
statement said.
Saigon Garment Manufacturing was down VND800 to close at VND15,200.
World stock performances
Global stock markets struggled to keep up a recovery
Friday despite continued efforts by policymakers to tackle a credit
crunch, with Japan joining an international interest rate-cutting
campaign.
Shares fell sharply in Tokyo and Hong Kong, while
European markets were mixed in early trade, despite overnight gains on
Wall Street as hopes grew that cheaper borrowing costs will nurse the
sick global economy back to health.
Japan's central bank cut its super-low interest rates
for the first time in seven years - by 20 basis points to 0.3 percent -
but investors seemed unimpressed and the Nikkei index tumbled 5.0
percent.
Hong Kong closed down 2.5 percent as investors locked in recent sharp gains sparked by hopes that the credit crunch was easing.
Elsewhere in Asia the mood was a bit brighter. Seoul
rose 2.6 percent, Taipei added almost 4.0 percent and Sydney edged up
0.4 percent.
week rising for the third straight session following overnight gains on
Wall Street.
The VN-Index, a measure of 162 companies and four closed-end funds, added 3.11 percent to close at 347.05 points.
Nguyen Hai Son, a broker at FPT Securities Co. in
HCMC, said apart from the good news about global stock markets, the
fuel price cuts contributed to the rally.
Local oil product importers, after getting the
government’s approval, Friday lowered the price of 92-octane gasoline
for the fourth time this month to VND15,000 (US$0.90) a liter from
VND15,500. Diesel came down by 3.4 percent to VND14,000.
However, trading volume on the HCMC stock market dropped to around 14.6 million shares from Thursday’s 17.5 million.
Among the index stocks, 117 rose, 29 dropped and 20 were unchanged.
“The stock market will zigzag next week and hover between 340-350 points,” Son said.
Many large cap stocks like software developer FPT
Corp. (FPT), dairy maker Vinamilk (VNM), Pha Lai Thermal Power (PPC),
Saigon Thuong Tin Commercial Joint Stock Bank (STB), and Saigon
Securities Inc. (SSI) climbed by almost 5 percent, the daily allowed
limit.
Saigon Securities Inc., Vietnam’s largest brokerage,
rose VND1,500, or 4.9 percent, to close at VND31,800. Australia and New
Zealand Banking Group purchased 947,350 shares to increase its stake in
the company to 18.35 percent from 17.66 percent, according to the stock
exchange’s website.
Cuu Long Fish Joint Stock company (ACL) and Saigon
Garment Manufacturing Trade Joint Stock Company (GMC) were the biggest
losers as they plunged by the daily allowed limit of 5 percent.
Cuu Long fell VND1,800 to VND34,200.
Le Thi Le, wife of Chairman Tran Van Nhan, registered
to sell 500,000 shares to slash her holding in the company to 13.3
percent from 18.9 percent, according to a statement posted on the
exchange's website late Thursday after the market closed. The sale is
expected to start on November 4 and finish by January 4 next year, the
statement said.
Saigon Garment Manufacturing was down VND800 to close at VND15,200.
World stock performances
Global stock markets struggled to keep up a recovery
Friday despite continued efforts by policymakers to tackle a credit
crunch, with Japan joining an international interest rate-cutting
campaign.
Shares fell sharply in Tokyo and Hong Kong, while
European markets were mixed in early trade, despite overnight gains on
Wall Street as hopes grew that cheaper borrowing costs will nurse the
sick global economy back to health.
Japan's central bank cut its super-low interest rates
for the first time in seven years - by 20 basis points to 0.3 percent -
but investors seemed unimpressed and the Nikkei index tumbled 5.0
percent.
Hong Kong closed down 2.5 percent as investors locked in recent sharp gains sparked by hopes that the credit crunch was easing.
Elsewhere in Asia the mood was a bit brighter. Seoul
rose 2.6 percent, Taipei added almost 4.0 percent and Sydney edged up
0.4 percent.