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VN-Index jumps above 450
The Ho Chi Minh Stock Exchange rose above the psychological level of 450 on Thursday on the back of thin trading.
The VN-Index of 182 leading shares advanced for a fourth day, adding 13.40 points, 3 percent, to close at 458.19, the highest since October 2. Of the listed stocks, 158 stocks rose and three fell.
Turnover reached 56 million shares worth VND1.9 trillion (US$107 million).
Brokers said despite stock market falls in the US and Europe, investor confidence remained pretty high over heavy buying by foreigners since Monday.
Hoa Sen Group (HSG), a steel and building products manufacturer, advanced 4.9 percent, to VND30,200, the highest since December 8. Hoa Sen said on its website that net income surged 63 percent, to VND35 billion last month up from VND21.5 billion in April.
Profits stood at VND13.4 billion in March, according to the website.
PetroVietnam Finance Joint-Stock Co. (PVF), the bourse’s biggest company by market value and a provider of financing services to the oil and gas sector, rallied VND1,700, more than 4.8 percent, at VND36,900, a record high since it debuted on the exchange.
PetroVietnam Finance signed an agreement with Vietnam Technological & Commercial Joint-Stock Bank and Ocean Bank to provide PetroVietnam Exploration & Production Co. a combined $90 million loan to pump crude oil from the Song Doc offshore field, according to a company statement today.
Thu Duc Housing Development Joint-Stock Co. (TDH), partly owned by Citigroup and Deutsche Bank AG, rose for a fifth day, adding 4.4 percent to VND72,000, the highest since August 27, 2008. The HCMC-based company plans to form a venture with South Korea’s Daewon, it said in a statement on the exchange’s website.
Thu Duc Housing will own 51 percent of the $10 million enterprise, which will develop a residential and commercial project in Vietnam’s biggest city, Thu Duc said in the statement, issued after the market.
The Hanoi Securities Trading Exchange also stayed in the spot light, with the HaSTC-Index closing higher 4.54, 2.93 percent, at 159.4 points.
Da Nguyet
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