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TN, Agencies - Market edges up, PVFC shares sink on listing   2008-11-04 - Thanh Nien News

Ho Chi Minh City shares closed slightly stronger Monday while PetroVietnam Finance Co., a unit of state oil giant PetroVietnam, fell 20 percent on its stock market debut.



The VN-Index gained 1.59 points, or 0.46 percent, to close at 348.64 points, its highest close since October 23.

Hoang Thach Lan, chief analyst at HCMC-based SME Securities, told Thanh Nien Daily that some investors have begun to buy again believing the market had bottomed out last week.

The index hit its lowest level of this year at 322.8 points on October 28.

Lan also thought that some speculators are selling out to book profit, adding the market’s rebound was not really stable in the short time.

The volume on the HCMC stock market Monday jumped to 17.8 million shares from last Friday’s 14.6 million as 58 stocks advanced, 89 lost, and 20 remained unchanged.

PetroVietnam Finance Co. (PVFC) plunged by the maximum allowed 20 percent on listing to close at VND24,000. Other stocks are allowed to fluctuate by 5 percent in a day.

PetroVietnam Finance Co. Monday became the stock with the largest number of free float shares going past Sacombank. It has nearly 500 million tradable shares compared to the lender’s 440 million.

“The company listed at a time when investors are trading very cautiously because the market is still in the process of an unstable recovery,” Bloomberg quoted Phung Trung Kien, a Hanoi-based analyst at VPBank Securities Inc., a unit of Vietnam Joint-Stock Commercial Bank for Private Enterprises as saying.

“Besides the state of the market, VND30,000 is a very high reference price [considering] PetroVietnam Finance's book value, and disappointed investors,'' Kien said. The company has a book value per share of VND13,199.

The company, 10 percent owned by Morgan Stanley, had sold a 12 percent stake in an initial public offering late last year at VND69,974.

Vietnam Petroleum Transport Joint-Stock Co. (VIPCO) tumbled VND700, or 5 percent, to close at VND13,400 after Amersham Industries Ltd. said it would sell its entire stake in the company.

Amersham will sell around 2.58 million shares, or 4.32 percent of VIPCO, to restructure its portfolio, according to a statement posted on the stock exchange’s website after the market closed on October 31. The sale started Monday and is expected to finish by May 3 next year.

Saigon Securities Inc., Vietnam's largest brokerage, gained VND1,500, or 4.7 percent, to close at VND33,300 after Australia & New Zealand Banking Group Ltd., known as ANZ, said it would raise its holding in it.

It will buy 1.4 million shares on the market to increase its holding to more than 26 million shares, and from 18.35 percent to 19.35 percent, according to the stock exchange.

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