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Stock market continues along its merry way   2009-08-25 - Thanh Nien, Bloomberg

 
 
   
Though profit-taking stepped in and dragged down the Ho Chi Minh City stock market some time in the second session, it finished Tuesday higher at 528.85, marking a fifth straight day of gains.

 

But declines outnumbered advances by 105 to 40 as 25 stocks remained unchanged. More than 65 million shares changed hands.

Nguyen Anh Tuan, head of brokerage at HCMC-based Viet Dragon Securities Corporation told Thanh Nien the market trend is still positive in the short-term thanks to good macroeconomic news and major listed companies’ healthy earnings figures in the first seven months of this year.

“Investors are still optimistic about the stock market,” he said.

Foreign investors continued to be net buyers on Tuesday, buying shares worth nearly VND203 billion (US$11.4 million) while dumping VND169 billion.

Saigon Thuong Tin Commercial Joint Stock Bank., the fourth-biggest company on the Ho Chi Minh Stock Exchange, was the most active stock by volume, with 4.8 million shares changing hands.

In Hanoi, the HNX-Index snapped its five-day winning streak, declining 0.57 percent to close at 163.63.

Stocks’ performance

PetroVietnam Finance Co. (PVF), the fifth-biggest company on Vietnam’s main stock exchange, gained the most in eight sessions, rising 4.9 percent to VND47,200, the highest since June 16. The Hanoi-based company Tuesday started selling 9.9 million shares in PetroVietnam Drilling & Well Services Joint- Stock Co., according to a statement on the exchange’s website.

PetroVietnam Drilling & Well Services, the country’s biggest listed oilfield-services provider, fell for the first time in six days, losing 4.7 percent, to close at VND92,000.

Bao Minh Insurance Joint-Stock Corp., (BMI), which offers property and casualty insurance, slipped for the first time in five days, losing 3.6 percent, to VND31,800. The Ho Chi Minh City-based company said sales dropped 3.8 percent to VND1.14 trillion in the January-July period, according to a statement on its website. Sales fell as revenue from marine insurance services declined 12 percent, the statement said. It didn’t provide a profit figure.

Phu Nhuan Jewelry Joint-Stock Co. (PNJ), Vietnam’s only listed producer and trader of gold and precious stones, dropped for a second day, falling 2.8 percent, to a five-day low of VND87,000. The Ho Chi Minh City-based company said on the bourse’s website that it will issue 10 million new shares in October to its existing shareholders as bonuses. Additional shares can dilute the value of existing stocks.



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