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VN-Index bounces back as CPI hits year-long low   2008-09-23 - Viet Nam News

The VN-Index continued to bounce back yesterday with investor confidence strengthened by the falling consumer price index (CPI) and more stable global investor sentiment.

All Asian stock market climbed yesterday.

The VN-Index rose an impressive 20.8 points or 4.74 per cent to 459.86.

However, PVT (PetroVietnam Transportation) and SGC (Sa Giang Import-Export) slipped as they paid dividends to stockholders yesterday.

Of the 156 remaining stocks on the HCM City bourse that gained, seven codes hit the ceiling of the regulated trading band, such as PPC (Pha Lai Thermal Power), CLC (Cat Loi) and IFS (Interfood Shareholding Co).

"The upward move today is to be expected when good news comes simultaneously domestically and overseas," said John Nolan from a HCM City fund management company.

Nolan added that the 0.18 per cent lower-than-expected monthly inflation rate in September encouraged investors to buy shares.

"This also proved that your Government is doing better with economic stabilisation," he said.

"In addition, investor panic in the world's largest economy, the US, is temporarily eased thanks to urgent Government intervention," said John.

Further details of the US Government's US$700-billion bailout of the financial market, which was released late last Saturday, helped spur investors in securities trading around the world.

All Asian stock market climbed yesterday.

"The Vietnamese stock exchange will be more or less affected by worldwide markets. In this case, the bailout helped calm investors around the world, and Vietnamese traders are included in that," added Nolan.

The southern market yesterday saw 14.20 million shares traded, generating a turnover of VND466.50 billion ($27.93 million). In comparison with last Friday's figures, the data yesterday saw a half reduction in both volume and value.

Codes such as STB (Sacombank), SAM (Cables and Telecom Materials) and VSH (Vinh Son-Song Hinh Hydropower) saw the heaviest transaction volume yesterday. STB had 766,660 shares traded, while SAM saw 440,920 shares change hands and VSH 416,270 shares.

"Investors with good stocks began holding on to them again when they saw huge purchases of these stocks. They kept them with the aim of making as much profit as possible," said Nguyen Thang Long from Bien Viet Securities.

Foreign investors were also busy yesterday buying 4.37 million shares and selling 6.24 million. This sector concentrated their purchasing on good stocks such as VPL (Vinpearl), SAM and FPT (Corporation for Financing and Promoting Technology).

Meanwhile, looking north to Hanoi, the HASTC-Index added 3.22 per cent to reach 150.44. Only restaurant business HSC (Hacinco) did not trade yesterday. Other stocks made huge gains. However, only a sluggish share volume of 3.54 million shares worth VND120.25 billion ($7.20 million) was traded.

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