Market does about-face on week's final trading day

Update: April, 27/2007 - 00:00

Market 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 Vinamilk.

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.

A drink to Taiwan

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 assist Tribeco.

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