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Stock market hovers around 550 points

In Vietnam Stock Market on September 11, 2009 at 7:41 am

The Ho Chi Minh Stock Exchange remained unchanged on Thursday as investors are waiting for further falls in the market before jumping in.

The VN-Index, a measure of 170 companies on the Ho Chi Minh Stock Exchange, rose 0.8 percent, to close at 540.19 points. Of the index members, 72 stocks advanced, 75 dropped, and 23 were unchanged.

“Investors are cautious to the market’s moves, which have remained unclear recently,” Cat Tri, an analyst from a stock market newswire in Ho Chi Minh City, told Saigon Giai Phong Daily. “They bought a little when the market dropped, but they were also willing to sell as the market rallied. I expect the VN-Index to hover around 550 points this month.”

Vietnam Petroleum Transport Joint-Stock Co. (VIP), an oil tanker and barge operator also known as Vipco, rose by the daily five percent limit to a three-week high of VND19,000.

Vipco’s pretax profits in the January-to-August period rose 6.5 percent from the same period last year, to VND80.5 billion (US$4.5 million), the company, based in northern port city of  Haiphong, said in a statement on the exchange’s website. Vipco’s pretax profits in the first eight months were 91 percent of the full-year forecast, according to the statement.

Vinh Son-Song Hinh Hydropower Joint-Stock Co. (VSH), Vietnam’s second-biggest listed electricity producer, fell 3.4 percent, to VND40,000. The power company plans to sell additional shares and bonds to raise money for a VND5.74 trillion ($322 million) hydro-power plant in the Central Highlands province of Kon Tum, Vinh Son-Song Hinh said on its website.

The company, based in the south-central coastal city of Quy Nhon, did not give any other details on the value or timeframe of the sale in the statement.

Binh Chanh Construction Investment Shareholding Co. (BCI) inched up 0.86 percent to close at VND58,500. The property developer announced on the bourse’s website that Pham Huynh Phuong Trang, daughter of supervisory board member Pham Minh Duc, sold 140,000 shares to cut her stake to 23,700 on September 4.

At the smaller bourse in Hanoi, the HNX-Index also edged up slightly 0.32 points, 0.19 percent, to finish at 167.34 points.

The UPCoM-Index of the unlisted stock moved up marginally 0.03 percent to 62.42 points as of 11am.

Source: SGGP

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