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HCMC market to close the year at 300 mark   2008-12-29 - Thanh Nien

Vietnam’s stock market will end this year at around 300 points, an investment fund has said, warning investors to be cautious about newly-listed furniture maker Hoang Anh Gia Lai (HAG), which has risen for a whole week.

 

The VN-Index of 170 leading firms and four closed-end funds closed at 304.46 points in Friday, showing a 0.75 percent decline from the previous trading day. It has lost 67 percent this year.

HCMC -based Investment Fund An Phuc’s Research Department said in its latest report that the market showed some positive signs through Vietinbank’s initial public offering, for which the number of bids exceeded the available shares.

The amount of bids for the IPO last Thursday showed investors remain interested in the market.

However, “we suggest investors should stand on the sidelines at this moment, waiting for more certainty in the market next year,” An Phuc analysts said in the report.

They expect steel stocks, such as Hoa Phat Group (HPG), Vietnam, Italy Steel Joint Stock Co. (VIS) and Ho Chi Minh City Metal Corp. (HMC) to rally as steel prices look set to move up sharply.

Listed transport firms – such as PetroVietnam Transportation Corp. (PVT), Vietnam Tanker Joint Stock Co. (VTO) and Vietnam Petroleum Transport Joint Stock Co. (VIP) – are set to get over recent slumps in oil prices, which have slid to below US$40 a barrel.

Furniture maker Hoang Anh Gia Lai (HAG) was the best mover last week, surging up by 43.75 percent after five days of trading. The company floated all its 179.8 million shares on December 22 at a starting price of VND40,000.

But analysts warned the stock’s move last week was overheated. “HAG overheated last week, as it rose 43.75 percent while the market edged down 0.91 percent,” An Phuc analysts said. “Therefore, there were some signs of sell-off appearing in the two last sessions last week as investors looked to profit.

“We expect the stock will be sold heavily after its share price reaches around VND60,000.”



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