Rise of penny chips keeps market climbing

Vietnam’s benchmark VN-Index inched up on June 14 as penny-chips rallied, helping the market maintain its rising momentum.

The index of 236 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange finished at 508.32, climbing 0.8 percent, or 4.03 points.

Among the index members, 141 advanced, 55 declined, while 44 remained unchanged. More than 46 million shares, worth VND1.23 trillion, changed hands.

The Hanoi-based Ocean Group Joint Stock Company (OGC) was the most active share in volume with 2.91 million shares traded, followed by Refrigeration Electrical Engineering Corporation (REE) with 1.47 million shares.

From June 17 to August 17, FPT Capital, a major shareholder of OGC, registered to sell 2 million shares, reducing its holdings to 18,222,222 shares, to restructure investment category.

The Dong Hai Joint Stock Company of Ben Tre (DHC) followed next with 1.4 million shares changing hands. The company closed the day up the daily maximum allowed limit of 5 percent to VND23,100.

The Cu Chi Commercial and Industrial Developing Investment Joint Stock Company (CCI) rose 4.98 percent to VND29,500.

The Ocean Group Joint Stock Company (OGC) and the Idico Urban and House Development Joint Stock Company (UIC) gained 4.96 percent to VND38,100 and VND44,400 respectively.

The Van Phat Hung Corporation (VPH) and the Sai Gon Telecommunication & Technologies Corporation (SGT) and Materials - Petrolium Joint Stock Company (COM) were among the losers on the city bourse.

An increase of 1.53 points, or 0.97 percent, wasn’t enough to push the Hanoi’s HNX-Index return to 160 points. Thus, the northern market closed at 159.76 points.

Liquidity on the market improved by 20 percent over last week, posting trades of 33.3 million shares worth VND1.05 trillion.

In contrast, the UPCoM-Index of unlisted stocks lost 0.29 points to fall to 45.38, as of 11:15 am local time. Around VND3.2 billion was spent to trade 197,323 shares.

Globally, most Asian stocks rose, lifted by Friday’s mild gains on Wall Street.

Japan’s Nikkei 225 Index advanced 1.56 percent. Korea’s Kospi Index inched up 0.76 percent. China’s Shanghai Composite Index went up 0.29 percent.

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