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Stocks move up as market ‘calms’
Ho Chi Minh City stocks were volatile Tuesday but some heavy buying later in the session lifted them into positive territory where they closed.
Despite rallies on many stock markets around the world, the VN-Index was in a bearish mood at the opening bell, with most blue chips taking a beating. The benchmark index continued to head south in the next session as trading became dull.
But heavy buying appeared in the last half hour of the second session to lift prices. The VN-Index eventually closed 4.61 points, or 1.6 percent, up at 293.3.
The volume was low, with only 9.4 million shares changing hands compared with Tuesday’s 14.5 million. Of the index’s members, 77 advanced and 64 fell.
“Many blue chips’ fall by the daily allowed limit of 5 percent in the first session and the international rally encouraged investors to buy,” Nguyen Hai Son, a broker at FPT Securities Co., told Thanh Nien Daily. But Son expects the market to remain bearish since there is no positive news.
Sacombank Securities’ head of research, Le Ba Hoang Quang, said investor confidence is being built up. “One thing I can see is that sentiment among local investors was calmer. They haven’t been too scared or panicked when the market plunged like before,” Bloomberg quoted Quang as saying.
“Many of them bought shares despite a big slump in the market and are now viewing their share purchases as a real investment. That’s why I think local investors have become more mature and more professional with their trading.
“There are no positive signs to help make the stock market more stable, and liquidity has also been very low. From now until the end of this year, the benchmark VN-Index will probably just fluctuate between 350 and 400 points.”
European shares extended their gains by mid-morning Tuesday, as energy companies rose with crude prices paring losses from earlier in the session.
At 10:39 GMT, the FTSEurofirst 300 index of top European shares was up 1.1 percent at 858.02 points.
Japan's Nikkei average rose 0.8 percent, with the yen's advance digging away at gains made by machinery firms such as Komatsu on hopes US stimulus plans will prevent a recession there from deepening.
On Monday, US stocks hit their highest level in a month, pushing the S&P index into positive territory for the month.
Drug firm touches new low
Cuu Long Pharmaceutical Joint Stock Co. lost VND300, or 1.2 percent, to fall to VND24,600, its lowest level since listing on September 16.
Pharimexco, as the drug manufacturer is known, started trading 1,619,308 additional shares Tuesday, the exchange said in a statement on its website.
Alta Joint Stock Co., a publishing, audio and video distribution and trading company, gained VND800, or 3.8 percent, to close at VND21,800.
La The Nhan, a member of the company's board, registered to buy 55,700 shares to increase his holding to 5 percent from 3.6 percent, according to another exchange statement.
Lam Son Sugar Joint Stock Co., which makes sugars and alcoholic products for industrial and consumer use, gained VND200, or 1.5 percent, to close at VND13,700. Chairman Le Van Tam has purchased 150,000 shares to increase his stake in the company to 7.17 percent from 6.7 percent.
Vietnam Container Shipping Joint Stock Co., which offers port management, container warehousing and storage services, rose VND2,500, or 5 percent, to close at VND53,000. The company plans to pay shareholders a dividend of VND3,000 per share on December 30.
Hoang Uy
THANHNIEN
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