Vietnam's main stock index rose 3.66% on Wednesday to close at 1,001.12 points, stemming a week-long slide as investors sought bargains.
The VN Index on the Ho Chi Minh City Securities Trading Center is still 14.5% below its lifetime high of 1,170.67 points on March 12. It started falling from 1,033.92 points on April 6.
"Many well-financed investors have returned to the market to look for reasonably priced stocks with positive earning performances in the first quarter and good forecasts for the rest of the year," a Habubank Securities analyst said in Hanoi.
Shares in 102 of the 107 companies listed on the exchange rose on Wednesday, figures from the market showed.
Shares in the second-largest listed firm, dairy product maker Vinamilk (VNM), rose nearly 4.7% to 179,000 dong ($11.1). The company said this week its quarterly net profit jumped nearly 66% to $20 million.
Shares in PV Drilling (PVD), the services arm of state oil monopoly Petrovietnam, rose nearly 4% to 236,000 dong ($14.6), but are still nearly 24% below a year high of 310,000 dong.
The company, which operates offshore oil rigs for Petrovietnam, said last week its revenues this year should rise 70.5% to $143 million on the back of strong demand for rigs.
Shares in FPT (FPT), the largest listed company, rose nearly 1% to 520,000 dong ($32.26), or 22% below their year high of 665,000 dong.
Analysts said the index, which rose 144.5% in 2006, would hover around the psychological level of 1,000 points in the second quarter as investors switched to growth stocks to be auctioned by the government this year, including shares in big state banks, insurance and telecom companies.
Source: Reuters
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