Volatile Stock Market Alters Tack Yet Again

Nearly seven million shares changed hands at the Ho Chi Minh Stock Exchange today when the VN-Index edged up 2.79 points to end the session at 928.36.

Decent gains by four of the ten big caps get most of the credit for the minor rally.

Petro Viet Nam Drilling and Well Services (PVD) rose VND4,000, its third up day in a row after the Independence Day break, Sacombank (STB) added VND500, Schenker-Gemadept Logistics (GMD) went up VND2,000 and Vinamilk (Vietnamese) increased by VND1,000.

Despite STB barely managing to recoup yesterday’s loss of VND500, the stock remains a favorite with investors thanks to its liquidity.

Among the small caps, Hai Phong Paper (HAP) made an impressive gain of VND4,000 after announcing an accrued profit of VND39 billion for the first eight months.

Building stocks fared well too, perhaps because the Vietbuild construction fair opened with much fanfare this morning and put the industry’s fans in a good mood.

Chang Yih Ceramic (CYC) rose VND600, Chau Thoi Concrete (BT6) added VND1,000, and Do Thanh Technology (DTT) went up VND100.

Not so endearing were Saigon Cables & Telecommunications Materials (SAM) and Vinh Son Hydropower (SAM), which shed VND1,000 and VND2,000 respectively.

It should be noted that there was much more off-market trading today, primarily of blue chip shares. Whether or not this becomes a trend remains to be seen.

By staff writers - Translated by Hoang Uy

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