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HCMC stocks extend gains, turnover rockets   2009-06-10 - Bloomberg

The Ho Chi Minh City stock market rose for the seventh straight day, extending the longest winning streak in seven months to 24 percent after the government said it was “determined” to quicken economic growth next year.

 

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Trading volume shot up to 75.5 million shares worth VND2.9 trillion (US$163 million) from Monday’s 31.6 million shares worth VND1.36 trillion. Winners outnumbered losers by 116 to 46 and six stocks remained unchanged.

Sonadezi Long Thanh Shareholding Co., a residential developer, rose by the daily 5 percent limit, leading construction and real-estate companies higher on expectations infrastructure stocks will benefit from government stimulus spending. Asia Huu Lien Joint-Stock Co., a steel-pipe maker, and Descon Construction Corp. also surged by the daily maximum.

“Investors are getting a lot more confident because of positive prospects for the economy,” said Le Ba Hoang Quang, Ho Chi Minh City-based head of research at Sacombank Securities Inc. “More money’s been flowing into the market.”

Meanwhile, Fiachra Mac Cana, managing director of Ho Chi Minh City Securities Corporation (HSC), said in a daily market comment, “The market advanced again in historically high volume as sellers re-emerged to take advantage of the available buying energy and take profits.”

The benchmark VN-Index advanced 2.2 percent to 512.46, extending its longest winning run since November 6. The measure of 166 companies on the Ho Chi Minh Stock Exchange has gained more than 117 percent since reaching a four-year low on February 24. The gauge is up 62 percent for the year, the best performer among major Asian stock indexes monitored by Bloomberg.

Sonadezi rose to VND52,500, its highest close since December 18. Asia Huu Lien surged to VND29,400, its highest since October 30. Descon advanced to VND23,100, the most since April 22. These companies were the biggest gainers in the index Tuesday.

“With the economic conditions less rocky, the market has entered a more sustainable phase,” Sacombank Securities, Vietnam’s third-biggest brokerage, said in a report this week.

Fiachra Mac Cana said, “The market’s nose is still pointing higher but with the surge in volume and sharp increase in offers it’s clear that selling pressure is increasing.

“Much of the bid overhang would have been taken out Tuesday and we may see more mixed trading over the next few days. We continue to urge medium term players to take profits even if the short term momentum carries us higher.”

Prime Minister Nguyen Tan Dung said the nation is “determined” to meet an expansion in gross domestic product of 6.5 percent to 7 percent in 2010, according to a government statement issued after the market closed Monday. The statement comes in the context of the country set to revise downward its target for growth for this year to 5 percent from 6.5 percent.

Deputy Prime Minister Nguyen Sinh Hung had said last month that Vietnam’s economy has started “moving in a positive direction.” The government has put in place a stimulus package it values at $8 billion to soften the impact of the recession that cut first-quarter growth to its slowest pace since quarterly records began in 1999.


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