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VN-Index continues climb on back of real estate stocks   2009-09-23 - Thanh Nien, Bloomberg

 
 
   

 

 

The Ho Chi Minh City stock market Tuesday climbed 0.8 percent to close at 582.85, the highest since March 18, 2008.

An analyst said the market has been boosted by real estate stocks.

Of the index’s members, 83 rose, 73 fell and 19 were unchanged. More than 67 million stocks changed hands.

 

Nguyen Minh Tuan, head of research at Ho Chi Minh City-based SaigonBank Berjaya Securities Joint-Stock Co., said, “Vietnam’s market has advanced with strong support from real estate stocks. With the economy in a recovery trend, I expect property stocks to surge as companies post strong earnings this year.

 

“Financial stocks haven’t gained as much as real estate. We will have a better picture as to whether the central bank will raise the key interest rate this year after inflation figures are released this week or early next week.”

 

Tuan said they were waiting to see what the government does to boost the economy once the first stimulus package closes at the end of this year.

 

For now, the US government’s “tariffs on Chinese tires will benefit Vietnam’s rubber exporters and rubber stocks are a good investment amid expectations that American companies will seek Vietnamese supplies,” he said.

 

Foreign investors remained net sellers on Tuesday, dumping a net value of VND155 billion (US$8.7 million).

 

Saigon Thuong Tin Commercial Joint-Stock Bank, the fourth-biggest listed company on the Ho Chi Minh Stock Exchange, was the most active stock by volume, with 5.9 million shares changing hands.

 

Stock performances

 

Vincom Joint-Stock Co. (VIC), Vietnam’s second-biggest listed property company, gained the most over the last two months, surging 4.9 percent to VND64,500.

 

Hanoi-based Vincom will set up a real estate company in Hanoi, according to a statement on the exchange’s website. Vincom plans to invest VND255 billion (US$14.3 million) for a 51 percent stake in Sai Dong Urban Development & Investment Co.

 

Ha Nam Mineral Joint-Stock Co. (KSH), the exchange’s second-biggest mining company, rose 5 percent to a record VND33,700.

 

The company, based in the northern province of Ha Nam, said it has won approval to produce gold from a mine in northern Vietnam. Ha Nam is allowed to start mining at Na Lang gold mine in Na Ri district in Bac Can province bordering China, the company said in a statement posted on the exchange’s website during trading Tuesday.

 

FPT Corporation (FPT), Vietnam’s biggest publicly traded software maker, dropped 1.1 percent, to VND89,000. FPT said it will sell VND1.8 trillion of equity-linked bonds on October 1, according to a company statement on the exchange’s website. Each VND1 billion bond will pay a coupon of between 5 and 7 percent and offer holders a maximum 1,500 warrants, according to the statement.



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BUSINESS IN BRIEF 22/9   2009-09-22