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HCMC stocks move up for two days   2009-03-03 - VietNamNet/SGGP

The Ho Chi Minh Stock Exchange was see-sawed before closing on a brighter note on Monday thanks to rallies in large caps.

The VN-Index fell slightly in the first session as investors were concerned about negative moves of other markets in Asia.

The MSCI index of Asia-Pacific stocks outside Japan slid 3.8 percent on Monday, at one point hitting its lowest level since November 24, according to Reuters.

Shares in Tokyo also closed down 3.8 percent with Mitsubishi UFJ Financial Group and other banks sinking on fears about their U.S. peers, while exporters fell on worries over the US economy.

But sharp buying on large caps – such as Sacombank (STB), FPT Corp (FPT), PV Drilling (PVD) and Vinamilk (VNM) – lifted the benchmark index, helping it close higher 1.92 points, or 0.78 percent, at 247.66 in the last two sessions.

Trading volume was 8.5 million shares worth VND158 billion ($9 million). Of the index’s 177 members, 88 gained rose and 43 lost.

Saigon Garment Manufacturing Joint-Stock Co. (GMC), which was among the top ten gainers in the exchange today, rallied 4.8 percent to a 7-day high of VND13,200. The company has won new contracts to supply jackets to European markets, according to its Web site. The new contracts, worth more than $13 million, helped the company to raise its 2009 sales target to $25 million, from $19.5 million last year.

Saigon Beverages Joint-Stock Co. (TRI), known as Tribeco, which cans soy milk and soft drinks, added 3.9 percent to VND5,300. Tribeco rose to the highest since February 11 after saying on the exchange Web Site that it forecast 2009 profit at VND17 billion ($973,000). Tribeco last month posted a loss of VND36 billion in 2008.

Lam Son Sugar Joint-Stock Co. (LSS) rose for a fourth consecutive day, rising 4.6 percent to VND11,500. Lam Son Chairman Le Van Tam will buy 200,000 shares to raise his holding to 449,450 shares, or 1.7 percent, starting today, the company said on the exchange’s Web site.

MT Gas Joint-Stock Co. (MTG) dropped by 4.4 percent to VND8,600. The company has been under the exchange’s surveillance since February 27 after it posted a loss in 2008, the bourse said on its Web site, without stating the extent of the loss. The exchange has placed 15 companies under scrutiny so far after they reported losses for 2008.

At the smaller bourse in Ha Noi, the HaSTC-Index lost marginally 0.43 percent to 83.6.

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