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Financial shares lead market rebound on both exchanges

Update: April, 06/2012 - 09:52

HA NOI — Shares pared earlier losses yesterday, adding value on both of the nation's stock exchanges.

On the HCM City Stock Exchange, the VN-Index advanced by 1.17 per cent to close at 444.93 points, while the VN30, tracking the exchange's 30 leading stocks by capitalisation and volume, also rose by 1.4 per cent to 507.35 points.

The value of trades jumped by 39.4 per cent over the previous day to a total of VND909.6 billion (US$43.3 million). Volume reached 61.6 million shares.

"Two crucial stock groups – banking and real estate stocks – showed stable movements but were not as impressive as the securities group," noted Kim Eng Securities Co analysts.

Financial conglomerate Ocean Group (OGC) and PetroVietnam Finance (PVF), as well as Saigon Securities Inc (SSI) and real estate developers Hoang Anh Gia Lai (HAG) and Becamex (IJC) all rose to their ceiling prices, gaining 5 per cent during yesterday afternoon's trading.

Telecommunications equipment provider Sacom (SAM) yesterday reported a profit last year of only VND8 billion (US$380,900), as it posted huge losses in its copper cable business.

During its shareholders meeting yesterday in HCM City, Sacom's management board asked its shareholders to dissolve its Sai Gon Cable Co (CSG) unit, in which Sacom continues to hold a 31.5-per-cent interest.

Last year, Sai Gon Cable eked out a profit of VND10.2 billion ($485,700), mainly from interest revenue, but its core business operations were a loser. "If Sai Gon Cable is dissolved, we will get cash back, which will be higher than current CSG stock price," said Sacom director Do Van Trac.

Eximbank (EIB) was the most-active share in HCM City yesterday, with roughly 3.9 million changing hands.

On the Ha Noi Stock Exchange, the HNX-Index concluded at 74.82 points, a 2.1 per cent increase compared to Wednesday's session. Market value increased only 17.7 per cent to VND783.3 billion ($37.3 million) as trading volume reached 80.8 million shares.

Habubank (HBB), after new talk that it was a takeover target, added 1.4 per cent and became the most-active stock nationwide with around 9.5 million shares traded. — VNS

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