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Not spooked by Indochina liquidation, VN-Index rises above 550   2009-09-20 - Thanh Nien

The Ho Chi Minh City stock market continued its upward climb to rally above the 550-point level Monday as investor confidence was unshaken by Indochina Capital’s liquidation, brokers said.



The VN-Index, a measure of 170 companies and four closed-end funds on the Ho Chi Minh Stock Exchange, rose 8.6 points, or 1.57 percent, to close at 556.59.

Winners outnumbered losers by 92 to 59 as 23 issues remained unchanged. Nearly 63 million shares changed hands.

VNDirect Securities said the fact that Indochina Capital Vietnam, a closed-end Vietnam equities fund listed on the London Stock Exchange, would be liquidated within the next 12 to 18 months did not have a major impact on the Vietnamese market.

It also said that although foreign investors remained net sellers, their modest trading didn’t affect the market much.

Foreign investors pumped VND175 billion (US$9.8 million) into the market Monday while dumping shares worth VND251 billion ($14.1 million).

Vietnam International Securities Co., known as VISecurities, said the VN-Index would look up in the first days of this week before experiencing some corrections.

The brokerage expects the index to hover between 550-560 points this week.

Saigon Thuong Tin Commercial Joint-Stock Bank, the fourth-largest listed company on the Ho Chi Minh City Stock Exchange, was the most active stock by volume on Monday, with 6.3 million shares changing hands.

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