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VN-Index rises for third straight day   2008-11-02 - VNA

Mid-week stock market rallies around the world helped the local exchange record a third straight day of increases on Oct. 31.

The most active shares on the southern bourse included Sacombank (STB) with orders for 1.2 million shares, Phu My Fertilisers (DPM) with 971,000 and Hoa Phat Group (HPG) with 743,000.

Global markets rebounded as the US Federal Reserve slashed interest rates to one percent. Domestic optimism was increased by the Ministry of Finance’s decision to cut the domestic retail price of petrol by 500 VND a litre.

This helped the VN-Index increase by 10.48 points, or 3.11 percent, to close at 347.05. The Ho Chi Minh Stock Exchange had 117 gainers by the end of the day; about 20 codes declined and 29 remaianed unchanged.

Major stocks registered remarkable highs, including Binh Dinh Minerals (BMC), the Corporation for Promoting and Financing Technology (FPT), Refrigeration Electrical Engineering Corp (REE) and Saigon Securities Inc (SSI).

The most active shares on the southern bourse included Sacombank (STB) with orders for 1.2 million shares, Phu My Fertilisers (DPM) with 971,000 and Hoa Phat Group (HPG) with 743,000.

Share demand, however, weakened on the day. Trading volume on southern bourse dropped by 17 percent to 14.2 million shares. Total turnover was 432.15 billion VND (25.7 million USD).

Analysts at SME Securities said the world financial crisis, which originated in the US , was having profound impacts on Asian economies and would continue to affect the psychology of investors.

They said that despite positive signs in the economy, such as the recent Vietnamese prime interest cut from 14 to 13 percent, the flattening of the consumer price index (CPI), and the fuel cuts, were not strong enough to stabilise the economy.

Some local investors said as foreign clients had been net sellers during the last few weeks, the local were now cautious about making buying and selling decisions.

Foreign investors on Oct. 31 bought 1.43 million shares and sold 3.15 million. Net sales value expanded slightly to 80.56 billion VND (4.8 million USD).

The Hanoi Securities Trading Centre, meanwhile, had 115 gainers and 29 losers.

The HASTC-Index closed 2.94 points higher, or 2.63 percent, at 114.88. About 7.95 million shares changed hands worth a total of 234.12 billion VND (14 million USD).

Asia Commercial Bank (ACB) led the Hanoi market in terms of trading volume with one million shares traded, followed by Vinashin Petroleum Investment and Transport Joint Stock Company (VSP) with 501,000 shares, and PetroVietnam Drilling and Mud Joint Stock Co (PVC) with 400,000 units.

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