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ST Investor confidence grows in Lao stock market
LSX INDEX Monday, February 14, 2011: The Index opened sturdily up 75.6 points closing at 1646.05 points. Any Lunar blues were dismissed. Yesterday's lead was a very strong 168 points gain in the past three days and investors' support is there, particularly when you take into account the past three day turnover values have been US$3.3 million. Indicators are another bullish week is ahead for the index.
BCEL.LSX in a very solid trading session rose 600 kip (US$0.07) to close its share price at 13,400 kip (US$1.67), with volumes 50 percent up compared to Friday's. Turnover for BCEL was valued at 463 million kip (US$57,600). Investors have regained an appetite again for BCEL.
EDL.Gen.LSX in the first and second sessions yesterday the stock traded similar volumes and values but the price per share was up 4.74 percent to Friday's. In the first session 365,840 shares exchanged for 2.8 billion kip at 7,700 kip a share up 350 kip, indicating investor confidence. The second session was almost identical to the first.
The EDL.Gen share has seen consistent volumes and edges toward the magic dollar mark and closed at 7,700 kip (US$0.96 cents).
The stock has recovered 11 percent (gaining 14 cents) since last Wednesday's low and looks set to rise up well and truly back through 8,000 kip. Volumes are always a good indicator and they have been stronger with ascending prices for the past three trading days.
World markets:
As predicted all Asian stocks gained, from the worst week in 5 months. The won Monday strengthened after Japan's economy shrank less than forecast and the Egyptian president's resignation quelled market and oil supplies uncertainty. A bullish lead from Wall Street and London also spurred Monday's buying in Australian issues.
The materials sector rallied strongly following strength in base metal prices. Wheat rose for a second day, climbing 2 percent. Rubber yesterday was up 1.2 percent. NOKIA has announced that it will adopt Microsoft's Windows Phone as its main platform on smart phones, in a major change of strategy.
In Australia: BHP Billiton is revelling in the commodities boom and on track to record pre-tax profits of AU$30 billion for the financial year and a pledge by the National Australia Bank to pay the mortgage exit fees of its two biggest rivals could be the nail in the coffin for exit fees, consumer group Choice says.
Vientiane Times
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