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Stocks snap three-day losing streak   2009-09-09 - Thanh Nien, Bloomberg

The Ho Chi Minh Stock Exchange Tuesday clawed back some of its recent losses, rising 2.5 percent to 537.81, as an analyst recommended food and seafood stocks, arguing that the markets for such products were healthy.

 

Gainers led losers by 149 to 8 yesterday while 14 issues were unchanged. However, turnover declined to 46.6 million shares from Monday’s 58.4 million.

Foreign investors were net sellers, dumping a net value of 48.7 billion (US$2.7 million) in shares. PetroVietnam Fertilizer and Chemicals Joint-Stock Co. (DPM), Vietcombank (VCB), Sacombank (STB), and Vinh Son - Song Hinh Hydropower Joint Stock Co. (VSH) were among the stocks they sold most.

Pham Tung Lam, an analyst at Hanoi-based Habubank Securities, the brokerage unit of Hanoi Building Commercial Joint-Stock Bank, said, “Vietnam’s stock market will experience a correction in the coming time and the index will drop to the 450 level before climbing back to the 500 level by the end of the year.

“Our macroeconomics are stable and investors have already speculated on positive forecasts for this year. Investors will sell stocks to realize their profits and restructure their portfolios.

“I suggest investors buy seafood and food stocks as the markets for these products are still good. These companies have posted good earnings and they will have stronger earnings toward the end of the year, when demands for their products will be higher.

“I am not so fond of financial shares because banks will not make high profits this year. Their profit margins have narrowed after they raised deposit rates while the central bank still maintains a cap on borrowing costs.”

Stock movement

Ba Ria-Vung Tau Housing Development Joint-Stock Co. (HDC), a real-estate developer partly owned by Credit Suisse Group AG, climbed 4.4 percent to close at VND59,500, its highest level since March 19, 2008.

Ba Ria-Vung Tau Housing won local government approval for a VND1.15 trillion ($64.5 million) construction project for apartments, hotels, villas and public facilities in the southern city of Vung Tau, the company said in a statement to the exchange. It expects to start construction in the first quarter of next year, according to the statement.

National Seed Joint-Stock Co. (NSC) ended three days of declines, rising 2.4 percent to VND47,100. Saigon Securities Inc. raised its holding in National Seed to 764,000 shares, or 13.3 percent, from 6.7 percent, by buying 223,580 shares, Hanoi- based National Seed said in a statement to the exchange.

Ntaco Joint-Stock Co. (ATA), a seafood processing and exporting company based in the Mekong Delta province of An Giang, became the 167th member of the exchange when it started trading 10 million shares Tuesday, according to the stock market’s website.

The shares rose by the maximum 20 percent trading limit on their debut, reaching VND24,000 from a starting price of VND20,000, valuing the company at VND240 billion, according to data compiled by Bloomberg.



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