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STB,DPM,FPT,SSI,VNM - Index bounces back on State Bank move   2008-01-31 - VNS

Both bourses made a spectacular return in yesterday’s trading sessions as the VN-Index rose 31.49 points to close at 843.10.

HA NOI — Both bourses made a spectacular return in yesterday’s trading sessions as the VN-Index rose 31.49 points to close at 843.10.

More than 11 million shares worth nearly VND1 trillion (US$62 million) were traded yesterday.

The HOSE saw 143 gainers and 4 losers. Foreign investors bought 55 stocks with a volume of 1.2 million shares worth VND125.3 billion, while they sold 44 codes with a volume of 1.4 million shares capitalised at VND146.7 billion

Moreover, the revision of the controversial securities lending cap assured investors as they placed orders to buy.

Analysts attribute the low number of selling orders yesterday to some long and mid-term investors still reeling from recent losses of up to 30 per cent.

The majority of shares sold yesterday were offloaded by those who bought them cheaply during the latest decline.

Blue-chips Sacombank (STB) rose VND3,000 to end at VND64,500 per share, Phu My Fertiliser (DPM) got up VND3,000 to VND68,000 per share, the Corporation for Financing and Promoting Technology (FPT) surged VND2,500 to stand at VND57,000 and Saigon Securities Inc. (SSI) pushed up VND6,000 to end at VND144,000.

Viet Nam Dairy Products Company (VNM) fell in the final session of the day to close at VND136,000 per share after successive gains in the first two sessions.

Wednesday was the continuation of an upward trend in increased trading volume. Analysts believe that the market will decline both today and tomorrow before rebounding after Tet (Lunar New Year).

Vo Huu Tuan of Bao Viet Securities in HCM City said: "The government’s attempt to reinvigorate the market will surely make a positive impact. The government needs to stimulate a market recovery."

Yesterday, the State Bank disclosed it was circulating a draft decision that would loosen the cap on commercial bank loans to stock traders, freeing up a source of capital for stock investments.

HASTC also witnessed a strong recovery yesterday by surging 18.07 points to end at 296.67. A volume of 6.5 million shares worth VND527 billion were traded.

Hoang Thanh Tuan, deputy director of Sacombank Securities (SBS) said that two days of increases and positive news from the Government should result in a more sustainable upward trend than before.

Investors scrambled yesterday to buy popular shares in Ha Noi bourse such as BVS, HPC, ILC, EBS, Pan and Song Da Group.

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