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Stock market closes off July on a high note
Strong demand of good stocks helped the local exchange finish off July in a rally.
The VN-Index yesterday gained slightly by 0.69 per cent to 451.36, with 13.16 million shares changing hands, representing a turnover of VND500.06 billion (US$30.3 million).
Good stocks continued advancing. For instance, BMC of Binh Dinh Minerals was up 2.95 per cent. to VND87,000, while ITA of Tan Tao Industrial Park gained 2.89 per cent to VND89,000.
STB of Sacombank rebounded after a fall on Wednesday, closing up 0.43 per cent to VND23,600. This share yesterday accounted for 9.23 per cent of market turnover, as it saw a revenue of VND42.69 billion ($2.5 million ) with 1.83 million shares traded.
The largest local brokerage Saigon Securities Inc, listed on the HOSE as SSI, yesterday announced a loss of over VND100 billion in profit in its second quarter.
The brokerage said that the loss was due to the establishment of a provision fund, as was required for listed firms by the HCM City Stock Exchange early last month.
SSI closed down 2.84 per cent at VND41,000.
An anonymous analyst from Hai Phong Securities said that the loss would of course impact to investor profit. "However, the most important thing is that the firm dared to disclose the negative results, helping to promote the transparency of the stock exchange."
The analyst also said that long committed investors with those firms would appreciate the transparency.
Before SSI, another good stock REE of Refrigeration Electrical Engineering Corporation had previously reported a loss for the first half. However, the share rebounded after two days.
Thanks to the good news of falling oil prices, foreigners were active in the local exchange. They directed their attention to DPM of Phu My Fertilisers and PVD of PetroVietnam Drillings.
They bought 567,800 DPM shares, and 357,190 PVD shares.
Ha Noi Securities Trading Centre fell yesterday to 143.32 points, a decline of 1.47 per cent or 2.14 points. Trading volume closed at 6.42 million shares with a turnover of VND223.09 billion ($13.52 million).
VNS
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