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Market upon package stimulus
Ho Chi Minh City stocks Monday posted their third straight day of gains after Deputy PM Nguyen Sinh Hung said the government could raise its economic stimulus package to nearly US$6 billion from $1 billion.
The VN-Index rose 8.74 points, or 2.92 percent, to finish at 308.28 points.
Trading volume was 10.4 million shares as 140 climbed, 15 sank, and 18 remained unchanged.
Nguyen Hai Son, a broker at FPT Securities Company, said the fact that the stimulus package may be boosted and hopes that Japan would consider resuming ODA loans to Vietnam buoyed investors.
Last Saturday, receiving former Japanese Premier Yasuo Fukuda, Prime Minister Nguyen Tan Dung said he hoped Fukuda would make “positive contributions” so that the two countries could negotiate the resumption of ODA loans soon.
Son said strong gains by blue chips like Sacombank and Saigon Securities Inc. helped rev up the market, adding it would hover between 320 and 330 points this week.
Foreign investors were net buyers Monday, pumping VND5.6 billion ($330,000) into the market. Dairy maker Vinamilk, PetroVietnam
Fertilizer and Chemicals Corporation, and Hau Giang Pharmaceutical Joint Stock Company were among their favorite stocks.
Vinamilk advanced VND2,500, or 3.1 percent, to close at VND84,000. The company’s after-tax profit in the first 1 1 months of this year rose to VND1.2 trillion ($70.6 million) or 5.3 percent higher than its projection for the whole year, according to a company statement posted on the exchange’s website.
Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, added VND900, or 4.7 percent, to VND19,900 at the close. The HCMC-based lender opened its first overseas branch in Laos last Friday.
Vietnam Petroleum Transport Joint-Stock Company, known as Vipco, climbed VND500, or 4.9 percent, to VND10,600. The company registered to buy back one million shares by March next year.
Thao Vi
thanhnien
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