does about-face on week’s final trading day
HCM CITY — The VN Index
flip-flopped Wednesday, the final trading day of the week, gaining 18.36 points
to reach 923.89 after falling almost 26 points the previous day.
However, investors were
concerned it might drop again when trading resumes on May 2 after the holiday.
Recently, jumps like this have been accompanied by equal dips. On April 18 the
index leapt over 35 points only to decrease over three points the next day and
tumble over 29 points on April 20.
Eighty out of 107 listed
companies saw their value increase Wednesday and 33 of them reached the
five-percent limit, including blue-chip companies like Gemadept, REE and
Another 15 companies fell,
which included IT giant FPT, but only plastic firm BMP reached its fluctuation
limit. It was the fifth fall in a row for FPT. The remaining 12 remained stable.
Both listed funds grew
slightly, 0.5 per cent for VF1 and 0.2 per cent for PRUBF1.
Foreign investors paid
VND423 billion to acquire 2.76 million shares and fund certificates while
collecting VND415 billion from 2.55 million shares sold. One deal for 1.6
million Vinamilk shares was negotiated between foreign investors.
The listed Saigon Beverage
Company (Tribeco) officially announced a strategic co-operation agreement with
the Taiwanese group Uni-President on Wednesday.
Under the deal, the
Taiwanese company – which specialises in food processing, beverage production
and retail distribution networks – will become a major shareholder, acquiring
15 per cent of the local firm.
Uni-President will help
Tribeco produce new products and expand its reach to all of Southeast Asia. The
Taiwanese company will send finance, technology and development specialists to
Tribeco now has a charter
capital of VND45 billion (US$2.8 million) and is working to increase the figure
to VND75 billion this year.
Commercial baker Kinh Do
is Tribeco’s largest shareholder with a 35.4 percent stake. — VNS