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Vietnam market bullish over US stock rally
The Ho Chi Minh Stock Exchange closed higher on Monday as a sharp rally on the US’s Wall Street put investors into buoyant mood.
VN-Index, a measure of 175 companies on the Ho Chi Minh City Stock Exchange, rose 1.2 percent to close at 254.56. Among the members, 99 gained while 42 fell.
Sentiment in Ho Chi Minh City was upbeat amid a hefty rebound of the US’s stock market last Friday.
The Dow Jones Industrial Average of 30 blue chips surged 9.0 percent on the week to end Friday at 7,223.98, roaring back from a 12-year low, according to AFP.
The broad-market Standard & Poor's 500 bounced back from a nearly 13-year low, rallying 10.7 percent in the week to 756.55.
The technology-heavy Nasdaq composite climbed 10.6 percent over the week to end at 1,431.50.
Some market watchers say a positive outlook from the battered banking sector and tentative signs of stability in some economic reports suggest the worst may be over for the economy and the stock market.
Doan Xa Port Joint-Stock Company (DXP) advanced 3.4 percent to VND21,200, the highest since January 13. The company’s net profit doubled to VND30 billion last year, the exchange said in a statement last week.
Binh Chanh Construction Investment Shareholding Company (BCI), a HCMC-based real estate developer, made its trading debut today, becoming the 175th member of Vietnam’s major exchange. The stock closed at VND24,000 on its first trading day.
DIC Investment and Trading Joint-Stock Company (DIC) gained 4.76 percent to close at VND13,200. Supervisory board member Dinh Thi Hien will become a shareholder of the firm by buying 2,500 shares, or 0.037 percent, before April 18, according to a statement on the exchange’s website.
Hoang Anh Gia Lai (HAG) remained unchanged at VND53,000. The furniture maker announced on the exchange’s website today that it will pay cash dividend at the rate of VND1,500 per share. The company will go ex-dividend on March 25.
Sea & Air Freight International (SFI) crept up 0.24 percent to VND42,200. Nguyen Thi Ngoc Bich, relative of supervisory board member Ho Anh Tuan, registered to sell all of her holding of 2,300 shares, the exchange said in a report on its website.
At the smaller bourse in Hanoi, HaSTC-Index climbed up over the 90 mark, closing higher 1.78 percent at 90.25 points.
VietNamNet/SGGP
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