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VN-Index rises for sixth day   2010-12-01 - VNS

Investors watch trading on an automated board at the offices of SME Securities Co. Nearly 100 penny stocks rose to their ceiling prices yesterday, lifting the VN-Index to a sixth day of gains. — VNA/VNS Photo Truong Vi

Investors watch trading on an automated board at the offices of SME Securities Co. Nearly 100 penny stocks rose to their ceiling prices yesterday, lifting the VN-Index to a sixth day of gains. — VNA/VNS Photo Truong Vi

Nearly 100 penny stocks hit their ceiling prices on the HCM City Stock Exchange yesterday, helping the VN-Index finish up for the sixth consecutive day – and with the highest trading volume since mid-September.

Gains were capped, however, by the more modest performance by blue chips and some profit-taking by investors.

The VN-Index closed at 451.59 points, up 1.17 per cent over the previous session, with the volume of trades reaching nearly 67 million shares, worth a total of VND1.38 trillion (US$69 million).

High-performing penny stocks included Alphanam (ALP), Nam Viet Seafood (ANV), Da Nang Rubber (DRC), Dien Quang Lamp (DQC), Gemadept (GMD), Thong Nhat Rubber (TNC), Tai Nguyen Co (TNT), Vitaco Petrolimex Transport (VTO) and Vinaship (VNA).

Investors also rushed to buy back Vien Dong Pharmaceutical (DVD), the price of which had been rocked on Monday by accusations of trading violations against its chairman, Le Van Dung. DVD rose to its ceiling price at VND49,200 (US$2.46) per share on an enormous volume of 617,000 shares traded, compared to a typical average of only 100,000 for this share.

On the Ha Noi Stock Exchange, the HN-Index also rose by over 3 per cent yesterday to close at 108.43 points, with 300 out of 354 listed shares gaining.

PetroVietnam Construction (PVX) was again the most-active share nationwide, with 7.8 million changing hands.

Trang An Securities Co analyst Ngo Minh Duc said high volumes yesterday on both exchanges demonstrated that a number of investors were moving to realise profits.

"However," Duc said, "the market still lacks support of from economic factors – the high exchange rate and interest rates, a big trade deficit, and poor business performance by listed firms. It would actually be risky if investors continued rushing to buy shares at their ceiling prices tomorrow."

He pointed to 480 as the next strong resistance mark for the VN-Index.


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