Blue chips help buoy HCM City share market (5/11/12)

[thanhpho83]

Investors hunting for bargains after the hard fall on Friday, pushed up the VN-Index on the HCM City Stock Exchange which climbed 0.46 per cent to 377 points this morning.

Trading was sluggish, however, as just 18.2 million shares, worth VND218.7 billion (US$10.4 million), changed hands.
Large-cap shares recovered, tracked by a modest increase of 0.61 per cent in the VN30 Index to 444.6 points.

After Dang Van Thanh resigned from his post as chairman of Sacombank (STB) on Friday, the bank's share slide slowed this morning to a mere 0.5 per cent to finish at VND18,600 ($0.90).
However, the resignation of Thanh's wife, Huynh Bich Ngoc, from sugar coampany Bourbon Tay Ninh (SBT) caused the share to bottomed out again.
Other blue chips such as Vietinbank (CTG), Eximbank (EIB), property developer Hoang Anh Gia Lai (HAG), food processor Masan Group (MSN) and dairy giant Vinamilk (VNM) posted gains.

Real estate Duc Long Gia Lai Corp (DLG) became the most active this morning on trades of 1.5 million shares which slumped 2.9 per cent to just VND3,400 a share.
On the Ha Noi Stock Exchange, the HNX-Index lost another 0.16 per cent to finish this morning's session at 50.96 points on a sluggish turnover of around VND75 billion ($3.6 million).

Sacombank's real estate arm Sacomreal (SCR) was again the most active code on the northern bourse with 4.5 million shares sold, plunging 5.9 per cent to a close of VND4,800 a share.

Trading will resume at 1pm.

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[imported_mymai647]

Blue chips on the HCM City Stock Exchange yesterday gained back some ground lost in last Friday's hard fall, helping lift the VN-Index to a close of 377.27 points, an increase of 0.54 per cent over the previous session.

Trades remained sluggish, however, with only about 31 million shares changing hands, worth VND371.5 billion ($17.7 million).

After Friday's arrest and resignation of Sacombank chairman Dang Van Thanh and his son, Dang Hong Anh, the vice chairman of Sacombank and chairman of the bank's real estate affiliate, Sacomreal (SCR), rocked the market, news yesterday that they had been released from custody bouyed the market.

Sacombank (STB) closed flat on the news at VND18,100 per share.

Nearly half of the 30 leading shares by capitalisation and liquidity posted gains yesterday, helping lift the VN30 Index by over 1 per cent to 446.51 points.

"Investors are still in a bad mood," FPT Securities Co analysts wrote in a report yesterday. "Although Thanh was released, many investors did not believe the scandal was over, likening it to the detention of former executives of Asia Commercial Bank, which partly attributed to the current prolonged market slump."

Shares of dairy giant Vinamilk (VNM) made impressive gains yesterday, climbing by over 4 per cent yesterday, and, along with a few other heavyweight shares, helped propped up the VN-Index, they said. Overall, however, losers still outnumbered gainers by nearly two-to-one.
Real estate developer Tan Tao Investment Industry (ITA) replaced Duc Long Gia Lai Corp (DLG) as the most-active share by the end of the session, with over 2.25 million shares of ITA changing hands before slumping by 2.6 per cent to a close of just VND3,800 per share.

On the Ha Noi Stock Exchange, the HNX-Index fell steeply in afternoon trading and ended the day off by 0.61 per cent over the previous session to 50.75 points. The value of trades was a very meagre VND121 billion ($5.8 million).

Sacomreal (SCR), one of the companies at the centre of this past week's scandal, was the most-active share on the northern bourse, with over 4.5 million sold. SCR plummeted by 5.9 per cent to VND4,800 a share.

Foreign investors were net sellers yesterday on the HCM City bourse by a net value of VND21.4 ($1 million) billion, but they remained net buyers by a small margin in Ha Noi, picking up shares worth a net of VND2.1 billion ($100,000)