Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade ETHUSD, Bitcoin and Cryptocurrencies

BUY & SELL ETHUSD | View ETHUSD News & Updates

Buy Sell ETHUSD, Bitcoin and Cryptocurrencies

Institutional Investors Take Advantage of Market Rise   2009-04-28 -

The stock market’s recent rallies have come as a boon to both local and foreign institutional investors, who have offloaded shares to restructure their portfolios.


Many brokerages have also seen the market’s rally as a chance to restructure their portfolios.
On April 14, when the VN-Index reached 347.07 points, or up 47% from a four-year low on February 24, PetroVietnam Finance Joint-Stock Corp. sold 126,000 shares of Pha Lai Power, its entire stake, though it had registered to sell the shares over one year from April 13.

Over the past two months, PVFC, as the company is known, has dumped a large number of other shares too.

It pared its stake in KHA (Khanh Hoi Import Export Co.) from 6.12% to 4.99%, in DIC (DIC Investment and Trading Co.) from 9.69% to 8.21%, and in HBC (Hoa Binh Construction and Real Estate Corp.) from 15.33% to 14.69%.

Sacombank, partly owned by ANZ, trimmed its holding in Lam Son Sugar Corp. to 0.7% from 9.22% by selling 2.5 million shares on April 10.

Many brokerages have also seen the market’s rally as a chance to restructure their portfolios.

Bao Viet Securities Co. sold 2.6 million units of closed-end fund VFMVF4 between March 24 and April 9 to cut its holding from 14.63% to 11.41%.

Saigon Securities Inc. sold more than 366,000 shares in Viet Nam Sea Transport and Chartering Co. between March 9 and April 15 to slash its holding to 0.45% from 5.4%.

Foreign institutions have also been active sellers during the market rebound and offered the same explanation: restructuring their portfolios.

Rickluck International Limited sold 859,000 ITA (Tan Tao Investment Industry Corp.) shares between March 27 and April 7.

VinaCapital’s VOF Investment Limited sold 99,250 PNC (Phuong Nam Cultural Corporation) shares earlier this month and registered to sell four million HPG (Hoa Phat Group) shares by next March.

Louis Nguyen, chairman of Saigon Asset Management Corp., said the VN-Index may hover around 300 points thanks to sell-offs by institutional investors.

The managing director of a Ho Chi Minh City-based investment fund, who wished not to be named, said many funds in fact started to restructure their portfolios last year when the market slumped.

Other news

EVN to issue $198m in corporate bonds   2009-04-28

Vietnam cuts rate on export credit to 2.9 percent   2009-04-28

Share trading rules may be eased   2009-04-28

Market comment   2009-04-28

Catfish prices soar but farmers short of stock   2009-04-27

BUSINESS IN BRIEF 27/4   2009-04-27

Banks fear lack of medium- and long-term capital   2009-04-27

Car imports up again, motorbike imports down   2009-04-27

Industrial production grows 5.4%   2009-04-27

River damming starts at A Luoi hydro-power project   2009-04-27

Catfish prices soar but farmers short of stock   2009-04-27

Vietnamese consumers optimistic about early economic recovery   2009-04-27

Sellers allay fears of price run-ups during holiday   2009-04-27

Holidays prompt profit-taking   2009-04-27