The Ho Chi Minh City stock market Monday posted gains for a fifth straight day, rising 2.1 percent to 594.30, the highest since March 17 last year.

It has a “strong” cash flow now and it will break the 600-point level, a brokerage said.

Winners outnumbered losers by 151 to 15 as 14 issues remained unchanged. More than 73.6 million shares changed hands.

Nguyen Phu Dung, deputy head of the investment advisory department at An Binh Securities Inc., said, “The trend for the local stock market this week is still increasing and we expect the index will break 600 at some point.

“Of course, the selling pressure will also increase when the market is gaining strongly and that will push trading volumes up. Actually, we can see the high trading volume especially in the most recent five trading days.

“There is a lot of positive information about the global economy, including the good performance of stock markets in America and the decision of the Australian government to raise interest rates.

“Some people even expect that the global economy will get out of the crisis by the end of this year and that will really boost sentiment among local investors. The number of investors participating in the stock market is increasing all the time.

“Cash flow keeps pouring into the market.”

Foreign investors were net buyers on Monday, pumping a net value of VND47.5 billion (US$2.7 million) into the market.

Stock performances

Paper maker Hapaco Corp. (HAP) climbed 4.9 percent, to VND32,300, its highest since May 6, 2008.

Its January-to-September pretax profit totaled VND38.5 billion (US$2.2 million), exceeding the full-year target by 28.3 percent, the Hai Phong based company said in a statement on the exchange’s website.

Tay Ninh Rubber Joint-Stock Co. (TRC) added 3.5 percent, to go up to VND74,500, its highest since September 4, 2008.

The rubber company, based in southern province of Tay Ninh, said in a statement on the bourse’s website its pretax profit totaled VND91.8 billion in the nine months this year to end-September, meeting 85.5 percent of this year’s target.

Tay Nguyen Electricity Investment Joint-Stock Co. (TIC), a power company that also engages in construction of civil engineering works and production of rubber products, rose by the maximum 20 percent allowed for stocks on debut to VND24,000.

The company, based in the Central Highlands province of Gia Lai, became the 176th company on Vietnam’s main bourse Monday when it started trading almost 16.6 million shares, according to an e- mailed statement from the exchange.