Market edges up slightly, trading remains dull

The Ho Chi Minh Stock Exchange had a minor rally Wednesday though trading remained quiet.

VN-Index, listing 175 companies and closed-end funds, rose slightly after four days of sliding, creeping up 0.85, 0.3 percent, to close at 307.98. Among the index members, 65 rose, 62 dropped, and 44 remain unchanged.

Turnover was only 6.3 million shares, VND163.3 billion ($9.4 million).

620 Chau Thoi Concrete Joint-Stock Co. (BT6) rallied for a third day, adding VND1,500, 2.5 percent, to VND62,000 ($3.55).  Huynh Ba Thang Long, a major shareholder, bought 950,609 shares to raise his stake to 8.6 percent, the company said.

Licogi 16 Joint-Stock Co. (LCG) dropped for a second day, sliding VND1,400, 3.6 percent, to VND38,000, its lowest price in more than two weeks. Licogi has obtained government approval to build and develop an apartment block in Dong Nai Province, the exchange said.

Shares fell on speculation as investors were worried that a decline in local property prices may hurt the company’s earnings, according to an analyst at a Ho Chi Minh City-based brokerage.

Furniture maker Hoang Anh Gia Lai (HAG) edged up VND500, 0.84 percent, to VND60,000. Bank for Investment and Development of Vietnam, the country’s second largest lender, will provide a VND5.65 trillion ($324.25 million) loan to the firm to cover the costs of property, mineral mining and hydropower projects, the exchange reported on its website.

Thu Duc Housing Development Corp. (TDH) moved up slightly VND600, 1.91 percent, to VND32,000. The property firm said on the exchange’s website that Le Chi Hong Hanh, sister of the chairman, Le Chi Hieu, gave 25,740 of her shares, out of 34,320, to Le Da Hac, the chairman’s son, earlier this month.

Vietnam Electricity Construction Joint Stock Corp. (VNE) was also among today’s winners, adding VND100, 1.35 percent, to VND7,500. Luu Thi Hoan, wife of a board director, Phan Anh Quang, registered to sell all of her holdings, 30,880 shares, before June 30, according to a statement on the exchange’s website.

The Hanoi stock exchange made a contrast move as the HaSTC-Index closed at 104, showing a decline of 0.23 points, 0.22 percent.

 Thieu Gia

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