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HCMC market edges up as investors remain wary   2008-12-25 - Bloomberg

Ho Chi Minh City stocks Wednesday rose slightly on thin volumes as investors reacted cautiously to the market’s recent rebound.


Following Tuesday’s decline, the VN-Index continued to lose steam after the opening bell, finishing the first session below the crucial 300- point mark.

But it clawed back some of its losses in the second session before finishing the day at 304.05, a gain of 0.12 points, or 0.04 percent. Around 12.2 million shares worth VND286 billion (US$16.8 million) changed hands, with 68 stocks up, 63 down and 43 flat.

Nguyen Quang Hieu, an analyst at HCMC-based Sacombank Securities Company, said as the VN-Index edged down close to the psychologically important 300-point level on Tuesday, many investors thought that stocks were “cheap enough to buy.”

He said advances by some large caps like wood processor and property developer Hoang Anh Gia Lai,

Vinamilk and Sacombank dragged the index up, but added the slight rally may not have an effect today as investors are still cautious.

Foreign investors were net buyers to the tune of VND36.7 billion ($2.16 million). Resort operator Vinpearl (VPL), Vinamilk (VNM), and PetroVietnam Finance Company (PVF) were among the stocks they bought.

Hoang Anh Gia Lai, which listed 179.8 million shares last Monday, extended its gains into a third straight day, climbing by the daily allowed limit of 5 percent to close at VND52,500.

Thanh Cong Textile Garment Joint-Stock Company (TCM) dropped 2.4 percent to VND8,200 while Mirae Joint-Stock Company (KMR), which produces raw materials for the garment and textile industry, fell 3.6 percent to VND5,400.

Garment and textile companies have reported a steep decline in new orders in the last three months.

“New orders have declined about 20 percent since October due to a slump in demand overseas,” Le Quoc An, chairman of the Vietnam Textile and Apparel Association, said. Shipments this year would reach $9.1 billion, lower than the $9.5 billion targeted, An said.

Rang Dong Light Source and Vacuum Flask Joint-Stock Company (RAL), which makes fluorescent lighting products and thermos bottles, declined VND1,000, or 4.8 percent, to VND20,000, its lowest level since December 18.

Vietnam Opportunity Growth has sold 150,000 shares to slash its stake in the company to 3.74 percent from 5.04 percent, according to a statement posted on the exchange’s website.

Pha Lai Thermal Power Joint-Stock Company (PPC) fell VND100, or 0.5 percent, to VND18,500. Baoviet Securities Investment Fund has sold 330,000 shares to cut its holding in the firm to 825,000 shares, according to the bourse’s website.

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