VN-Index recovers on bottom fishing

Vietnam’s benchmark VN-Index rebounded on July 12 as investors increased buying on speculation that stocks were at attractively low values.

The measure of 289 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange recovered 0.22 percent, or 0.93 points, to close at 418.18 points.

Of the index, 114 stocks gained, 83 lost, while 97 remained unchanged.

Trading volume on the city bourse rose by 25 percent, however, trading value fell by 13 percent over the previous trading session as 40.37 million shares changed hands at a value of VND560 billion.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) topped the list of most active shares in volume for five consecutive trading sessions with 1.57 million shares changing hands.

Saigon Securities Inc. (SSI), the country’s largest brokerage, tagged along with 1.11 million shares traded.

Ho Chi Minh City-based Refrigeration Electrical Engineering Corporation (REE) came in third with 740,330 shares.

Construction Joint Stock Company No 5 (SC5) curbed its three-day losing streak, reclaiming 5 percent to close at VND18,900.

Basa Joint Stock Company (BAS) and Everpia Vietnam Joint Stock Company (EVE) both restored 4.76 percent to VND2,200, and VND33,000 respectively.

Cuu Long Fish Joint Stock Company (ACL) grew 4.68 percent to close at VND24,600.

Becamex Asphalt & Concrete Joint Stock Company (ACC) stumbled 13.15 percent to VND21,800. The company will pay dividends for the year 2010 to its current shareholders in cash at a ratio of 35 percent since August 3.

Other losers included Ben Tre Forestry & Aquaproduct Import Export Joint Stock Company (FBT), Ninh Hoa Sugar Joint Stock Company (NHS), Saigontourist Transport Corporation (STT), and Savimex Corporation (SAV). They all erased 5 percent to close at VND5,700, VND28,500, VND15,200 and VND22,800 respectively.

Meanwhile, the Hanoi’s HNX-Index of the smaller in the north stripped 0.45 percent, or 0.33 points, to finish at 71.95 points. Trading volume on the northern market fairly dropped over the previous trading session as 19.6 million shares changed hands at VND212.84 billion.

The UPCoM-Index of unlisted shares revived 0.25 percent, or 0.08 points, to 32.64 points as of 1:40 pm local time. A total of 262,348 shares changed hands at a value of VND2.71 billion.

By Bao Phuong

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