Vietnamese stocks rode the seesaw again Friday as the Ho Chi Minh City index dropped and the Hanoi index gained as hopes for a quick HCMC market recovery were fueled by positive forecasts by the World Bank.
HCMC’s VN-Index lost 15.06 points to close 1033.92 while the Hanoi’s HASTC-Index gained 5.66 points to close at 398.68. The Hanoi market saw trading volumes worth VND185 billion Friday.
The HCMC bourse wrapped up the week with 12 gainers and up to 82 losers. Around 5 million shares ware traded for VND530 billion (US$33 million), 4.9 percent down over the previous session.
Sacombank (STB) stocks lead the market in both trading volume and value with 662,690 shares being traded for VND96 billion, accounting for 18.92 percent of the total market.
Some major heavyweights continued their downhill roll over the weekend session, with prices for VNM (Vinamilk Corp), FPT (IT developer), and KDC (Kinh Do confectioner) dropping by VND3,000, VND5,000 and VND6,000 respectively.
Foreign investors bid for 597,710 shares while offering only 31,040 shares.
The two mutual funds lost as PRUBF1 decreased VND400 to close at VND14,800 and VFMVF1 dropped VND700 to finish up at VND35,800.
However, analysts forecast that the market might bounce back in the near future in line with the World Bank’s newly released semi-annual East Asia and Pacific Update.
WB figures estimated that capital sources pumped into the country securities market reached $24.4 billion to date from 500 million in late 2005.
Of the figure some $4 billion came from foreign sources.
The global lender forecast that the market would expand on the back of 20 state-run giant corporations scheduled to list on the exchange this year.
Source: Thanh Nien
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