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Market’s rally continues, VN-Index maintains upward climb   2008-07-10 - TN, TT

The Ho Chi Minh Stock Exchange Wednesday staged its second mini-rally in response to a steep fall in global oil price, traders said.


  Oil dropped more than US$5 to around $136 per barrel Tuesday in the face of warnings from world leaders that record highs were challenging economic growth, AFP quoted dealers as saying.

The VN-Index, the gauge of 153 leading companies and four closed-end funds, gained 2.84 points, or 0.65 percent, to close at 439.55.
Trading volume reached more than 15 million shares.
Of the index’s members, 89 rose and 55 fell.
Investors were pouring money into the stock market as other asset types, such as gold, property, the dollar and bank savings, became less attractive, Tuoi Tre said, citing SJC Securities Company’s General Director Huynh Anh Tuan.
The property and gold markets were on the downslide while the dong-dollar exchange rate stabilized after the central bank said it would tightly supervise the foreign currency market, the newspaper said.
Banks’ deposit interest rates have climbed up to 19 percent a year but remained much lower than the stock market’s daily trading band of 3 percent.
Many investors gained large profit of more than 20 percent from 10 days of increases, starting from June 23, the newspaper added.
Foreign investors still bought Vietnamese shares heavily, pumping in VND38 billion ($2.3 million).
Among the most popular stocks were PetroVietnam Fertilizer and Chemical Joint
Stock Company, dairy manufacturer Vinamilk, PV Drilling, bulb and neon light maker Dien Quang Joint Stock Company and Vietnam Tanker.
The Hanoi Stock Exchange also rose for the second straight session, with the HaSTC-Index gaining marginally 0.79 point, or 0.67 percent, to end the day at 125.92.


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