Share prices on the Ho Chi Minh Stock Exchange surged on Friday after heavy buying.


The benchmark VN-Index of 181 stocks wrapped up the
week with a strong rally, closing higher 12.98 points, 4.37 percent, at
310.28. All but a mere six stocks headed north.


Trading volume jumped to more than 38.7 million shares worth VND806 billion ($46.1 million).


Foreign investors remained the net buyers, spending VND11.5 billion worth of shares.


Sacombank (STB)
continued to be the most traded stock, with more than 10.3 million
shares changing hands. The HCMC-based lender, partly owned by ANZ,
jumped 4.76 percent to VND17,600.


Dry Cell and Storage Battery Joint-Stock Co. (PAC)
rose marginally 0.83 percent to VND36,300. PINACO, as the company is
known, announced on the exchange’s website that Red River Holding, one
of its substantial shareholders, bought 35,450 shares to boost its
holdings to 5.02 percent from 4.81 percent.


Minh Phu Seafood Joint-Stock Co. (MPC),
Vietnam’s second-biggest listed seafood company, increased 4.51
percent, to VND13,900. The company was placed under scrutiny by the
exchange starting April 1 due to recent losses, the bourse said on its
website, though without giving more details.


Vietnam’s seafood exports fell 10.4 percent to $714
million in the first three months of the year as the global recession
curbed demand, the General Statistics Office in Hanoi said March 24.


Savimex Economic Cooperation & Import-Export Joint-Stock Co. (SAV),
rallied 4.1 percent, the most in five weeks, to VND17,700. Savimex,
whose businesses include furniture exports and property development,
expects net income to increase by seven percent to VND15 billion
($844,597) this year, according to its website.


Seafood Joint-Stock Company No. 4 (TS4),
a seafood processor and exporter, surged 4.65 percent, to VND9,000. The
company expects pretax profits to increase by almost 11 percent to
VND11.3 billion ($636,263), according to the exchange’s website.


The company plans to invest a total of VND230 billion
to develop projects, including a new factory in the southern province
of Dong Thap, according to the statement.


The smaller bourse in Hanoi also staged a bullish move, rising 6.19 points, 6.03 percent, to close at 108.85.