11:54:00 - 11/04/2008
VN-Index rebounds for fourth day
The value of the day’s trades was
a very modest VND149.38 billion (US$9.3 million) on a volume of 2.7 million
shares, a fall of 28 per cent in value from Friday’s already meagre session.
Agribank Securities analyst Dao
Van Khanh said, "The tight trading band is making turnover narrower. But,
more importantly, it’s making the remaining investors more enthusiastic about
trading."
All 153 codes advanced within the
maximum trading band of 1 per cent.
Khanh said that the narrow band
should be kept in place for a while longer as there was no good news on the
horizon to stabilise the market long-term.
According to analysts of
EuroCapital Securities, the recovery of the market was also being spurred by
official buys this week by the State Capital Investment Corporation (SCIC).
Minister of Finance Vu Van Ninh
last week acknowledged the SCIC’s role in the stock market, saying at that
time, "the SCIC is creating a separate fund to invest in securities and
then the buying will begin next week."
"Investors should direct
their investments based on business results of listed firms. They can then
avoid losses when the trading band is loosened," said EuroCapital
analysts.
FPT led the market yesterday in
trading volume, with 281,820 shares changing hands.
According to Nguyen Khanh Tung, a
broker with Hoa Binh Securities, the strong buy of this share yesterday was
probably due to good news in the company’s shareholder meeting on Sunday.
"There should be a very good
business result or high dividend payment from FPT, I guess. That’s why
investors traded heavily in FPT today," Tung said.
In Ha Noi, the HASTC-Index
yesterday advanced 2.85 per cent to 181.43. About 693,800 shares changed hands
on a turnover of VND29.5 billion ($1.8 million).
(Source: Vietnam News 01 April 2008)