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HCMC stocks see 'correction'   2009-09-10 - Thanh Nien, Bloomberg

Ho Chi Minh City shares lost ground Wednesday as an analyst said shares would rally again this month.

 

The VN-Index dropped 1.7 points, or 0.3 percent, to close at 536.11 on the Ho Chi Minh Stock Exchange. Declines outnumbered gains by 83 to 65 while 26 issues remained unchanged.

More than 55 million shares worth VND2.6 trillion (US$145.8 million) changed hands.

Ngo Thanh Phat, chief investment analyst at the Ho Chi Minh City branch of the Hanoi-based Vietnam International Securities Co., known as VISecurities, said, “The government has forecast that the domestic economy would post stronger growth next year and some expect more financial support from the government to stimulate economic growth.

Phat said rumors that September was usually a month of declines would not prove true this month.

“The recoveries of world economies, especially in the US…are good reasons to stick with the market…I think we will have a rally this month.”

Foreign investors remained net sellers Wednesday, dumping a net value of VND77.3 billion ($4.3 million) in shares.

Confectionery stocks

Kinh Do Corp. (KDC), Vietnam’s biggest listed baked goods maker, rose 4.5 percent to VND81,000, its highest point since August 26, 2008. North Kinh Do Food Joint-Stock Co. (NKD VN), the country’s No. 2 cake and candy company, climbed 3.5 percent, to a one year-high of VND59,000. Bibica Corp., Vietnam’s third-largest listed confectionary company, gained 1.5 percent, to VND41,200, the highest since May 30, 2008.

“Confectionery stocks are seasonal and this is the beginning of their peak time as all the festivals, such as the Mid-Autumn Festival, Christmas and the Lunar New Year Festival are coming,” Pham Tung Lam, an analyst at Hanoi-based Habubank Securities said by phone Wednesday.

Other stocks

Hoang Long Group (HLG), which engages in property development, taxis, shipping, and natural resources exploitation, entered the exchange as its 169th member Wednesday.

Hoang Long, based in the Mekong Delta province of Long An, started trading almost 28.8 million shares at an initial price of VND30,000. The shares gained by the maximum limit of 20 percent for the first trading day, climbing to VND36,000 with the value of the company closing at more than VND1 trillion.

OPC Pharmaceutical Joint-Stock Co. (OPC), a herbal medicines manufacturer and trader, dropped 1.9 percent, to VND52,500.

Nguyen Thi Minh Tam, OPC Pharmaceutical chief accountant, cut her stake in the company to 140,282 shares, or 1.7 percent, from 2.5 percent by selling 60,000 shares, the Ho Chi Minh City-based company said in a statement to the exchange’s website.

Tran Nhut Thi Anh Hoang, wife of Nguyen Dang Thoai, a deputy chief executive officer and board member of the company, plans to sell her entire stake of 26,100 shares by September 30, according to another company statement to the stock market website.

Hoa Phat Group Joint-Stock Co. (HPG), Vietnam’s largest listed steel producer, gained 4.3 percent to close at VND73,000, its highest point since August 26, 2008.

Hoa Phat, based in the northern Hung Yen province, obtained credit assurance of VND330 billion ($18.5 million) from Hanoi-based Bank for Investment & Development of Vietnam to develop its real estate projects and raise working capital for its energy affiliate, the firm said in a statement on its website Wednesday.

Van Phat Hung Corp. (VPH), a Ho Chi Minh City-based property company, became the 168th member of the exchange when it started trading nearly 20.1 million shares Wednesday, according to an e-mailed statement from the exchange.

The shares rose by the maximum trading limit of 20 percent on debut, reaching VND36,000 by closing, up from the starting price of VND30,000. The company was then valued at almost VND723.6 billion, according to data compiled by Bloomberg.

Vietnam Land Investment Corp. (VNI) became the 170th member of Vietnam’s main exchange when it traded 10.6 million shares Wednesday. The shares climbed by the maximum trading limit of 20 percent on debut, reaching VND25,000 and valuing the Ho Chi Minh City-based property company at VND265 billion.



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