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Penny stocks drive market
Small caps rallied on the Ho Chi Minh City stock market yesterday as the VN-Index gained less than a point to close at 1,105.21.
Of the 120 listed stocks, there were 65 winners and 42 losers as over 13 million shares worth more than VND1.22 trillion (US$76.2 million) were traded.
Bim Son Packaging, Chang Yih Ceramic, Do Thanh Technology, Lu Gia Mechanical Electric, and Petrolimex Joint Stock Tanker Company all hit the 5 percent upper limit.
Khanh Hoi Import Export, Tan Binh Culture, and Full Power, which have all received the nod to list additional shares on the Ho Chi Minh City Stock Exchange, also made gains.
Hai Phong Paper hit the 5 percent upper ceiling to close at VND88,000 while Refrigeration Electrical Engineering gained marginally to close at VND159,000.
Both firms have signed a deal to build a 1,400-square-meter office building in the northern province of Hai Phong at a cost of over $12 million.
One of Vietnam’s top names in textile and garment, Thanh Cong, made its debut on the HCMC trading floor yesterday. There were buying orders of more than 4.2 million shares but a mere 500 were traded.
Large caps like FPT Corporation, Song Da Urban and Industrial Zone Investment and Development, Sacombank, Schenker-Gemadept Logistics, and Pha Lai Thermal Power were amongst the losers yesterday.
Analysts said heavy selling in large caps yesterday indicated that speculators preferred small caps that could bring them rapid profits.
Sacombank remained the most actively traded stock with 1,504,190 shares worth VND109.3 million ($6,807) changing hands.
Foreign investors remained net buyers, spending VND92.2 billion ($5.7 million) on shares of mainly PetroVietnam Drilling and Well Services, Vietnam Electricity Construction, Vinh Son Hydropower, Tay Ninh Rubber, and Vinafco.
The two mutual funds, Prudential and VF1, fell marginally to close respectively at VND11,600 and VND33,000.
In Hanoi, the HaSTC-Index closed up 8.58 points at 370.85 as more than six million shares worth nearly VND592.3 billion ($37 million) were traded.
Of 91 listed stocks, there were 82 gainers and just six losers.
TN
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