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Local stocks remain alluring despite fall in prices

GBS - Vietnamese shares tumbled on October 10, but the two indices still added value compared with the previous week.

Some leading stocks, notably PetroVietnam Gas (GAS), spearheaded the rally. GAS increased strongly following news that its mother company, PetroVietnam, discovered the country's largest gas field in the central coast.

In addition, the oil giant's other subsidiaries also posted gains. However, unlike in previous trading days, the rally of these stocks did not attract enough attention to move the entire market forward.

Transactions on speculative stocks last week were less active as a result of increasing selling pressure, sparking more caution from investors. On October 10, profit-taking was widespread, knocking blue chips down, and the indices declined rapidly.

The VN-Index at the Hochiminh Stock Exchange increased by one percent over the October 3 session to end at 617.72 points. Transaction value averaged 2.95 trillion VND (139.1 million USD) on a daily volume of 170.5 million shares.

Top gainers in HCM City included Thong Nhat Production and Investment (GTN), H.A.I Agrochem (HAI) and Viet Nhat Seafood (VNH).

GTN, which debuted on October 3, jumped up by 38.1 percent after it announced the sale of nearly 16 percent of Thong Nhat Co Ltd worth 27 billion VND (1.2 million USD). HAI climbed by 20.4 percent as it announced plans of increasing its charter capital from 174 billion VND (8.2 million USD) to 1 trillion VND (47.1 million USD).

Meanwhile, VNH rose by 17.4 percent. Although the company did not release any important information and the increase in its share price was minimal, the trading of shares in seafood companies in general remained active.

Meanwhile, the HNX-Index at the Hanoi Stock Exchange inched up by 0.14 percent to 90.45 points. The average value and volume of trades reached 1.1 trillion VND (51.8 million USD) and 79.1 million shares.

The top gainer in the northern bourse was Hanoi Milk (HNM), which surged by 54 percent in spite of the absence of any special news about the company.

Foreign investors continued to be net sellers on both bourses, unloading a total margin of nearly 248 billion VND (11.6 million USD). Their activities affected the VN-Index only on several first sessions last week and had minimal impact towards the end of the week. In the capital city, sales did not target leading shares.


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