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Stocks rally over strong trading volume   2009-03-07 - SGGP

The Ho Chi Minh Stock Exchange on Tuesday extended its winning run to three days in a row over heavy trading.

The VN-Index rose sharply above the psychological 250 mark, closing 8.64 points higher, 3.39 percent, at 263.2.

Turnover reached 20.3 million shares, the highest level since November 7, 2008. Among the market’s 179 stocks, 149 rose while a mere 10 lost.

Analysts said the market’s positive move will not last long as there is still no prospect of good news in the near future.

Saigon Thuong Tin Joint-Stock Commercial Bank (STB), or Sacombank, rose 4.43 percent to close at VND16,500 ($0.94). The HCMC-based bank, partly owned by ANZ, announced at its annual meeting yesterday that it will issue three bonus shares for every 20 held by existing shareholders.

Sacombank will also offer more than 76.7 million rights issues to existing shareholders at the ratio of 20 for every three shares and give five million shares to its senior management.

PetroVietnam Fertilizer and Chemical (DPM), Vietnam’s leading fertilizer producer, moved up 4.96 percent to VND29,600. The firm said on the exchange’s website that it bought back 320,000 shares.

General Materials Biochemistry Fertilizer (HSI) advanced 4.55 percent to VND11,500. Nguyen Thanh Thao, husband of chief accountant Nguyen Anh Phuong, bought 1,000 shares out of 2,000 he had registered to raise his stake from 1.41 percent to 1.42 percent, according to a report on the bourse’s website.

Vietnam Sun Corp. (VNS), Vinasun taxi-cab operator, edged up 0.7 percent to VND14,300. The firm said on the exchange’s website that its chairman, Dang Phuoc Thanh, boosted his holdings from 17.6 percent to 20.6 percent by buying 500,000 shares.

The smaller bourse in Hanoi also staged a sharp rally, with the HaSTC-Index rising 3.68 percent to 93.57 points. Trading volume doubled yesterday’s figure, with 14.9 million shares changing hands.

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