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Vietnam stocks rising, foreign investors net sellers   2008-07-15 - ThanhNienNews

 
   
The Ho Chi Minh City share market continued to forge ahead Friday as the VN-Index broke 450 points, a mark it initially sunk below almost two months ago.

 

 

VN-Index, which gauges the 153 leading companies and four closed-end funds listed on the Ho Chi Minh Stock Exchange (HOSE), rose 10.04 points, or 2.24 percent, to close at 456.64.

Trading volume hit 13 million shares as 136 HOSE members gained and only nine lost.

“Before Friday’s trading session, traders believed they would see a correction as investors were expected to take profits after three days of gains,” a HCMC broker said.

“But the day’s sharp gains, 1.58 percent in the first session, prompted them to wait.”

Foreign analysts are remaining cautious about Asia’s stock markets.

In a July 4 report, HSBC predicted the benchmark VN-Index would likely end the year at 400, with listed firms’ PE (price to earnings ratio) down to 9x.

Aberdeen Asset Management Asia Ltd.’s head Hugh Young, who oversees US$50 billion in assets, warned that emerging markets in Asia can be “highly perilous” and that their stock markets would face a tough time this year even as they attract foreign investment.

The markets are becoming overvalued, said Young at a Nomura Securities conference in Singapore Friday.

“While you can get captivated by the top line of emerging markets, the reality of putting money to work in these markets is something very different,” said Young, who is based in Singapore.

“The markets can be highly perilous and tend to go through quite a few booms and busts.”

Foreign investors were net sellers on the day, notching up VND57.3 billion ($3.4 million) in sales.

Petrolimex Gas Joint Stock Company, cables and telecommunications material supplier Sacom, shipping firm Vietnam Tanker, construction material supplier Hoa An and dairy maker Vinamilk were among their top sellers.

STOCK BRIEFS

Cotton product maker share trading halted

The Ho Chi Minh Stock Exchange, known as HOSE, halted Bach Tuyet Cotton Corp.’s share trading Friday due to the firm’s losses in 2007 and 2006.

Trading will be resumed after the HCMC-based company has published sufficient information as required by HOSE, the exchange said on its website on Thursday.

HOSE will consider halting shares trading of a listed company that suffers losses for two consecutive years, according to the exchange’s regulations.

Bach Tuyet, a producer of medical cotton products, sanitary napkins and tampons, lost VND8.4 billion (US$498,812) in 2006 and VND6.8 billion ($404,000) in 2007.

Tile maker halts buyback plan

Ceramic tile maker Thanh Thanh Joint Stock Company informed the exchange it has halted a buyback of 100,000 shares, after reacquiring just 39,000 shares.

Domesco’s executive to sell shares

Domesco Medical Import Export Joint Stock Corporation, medicine and pharmaceutical product manufacturer, said the head of the supervisory board Nguyen Huu Hong registered to sell 20,000 shares today to cut his stake to 0.34 percent from 0.49 percent.

Source: Thanh Nien

Reported by Hoang Uy



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