Ailing stock market shows signs of recovery

Hanoi (VNA) - After a succession of days in decline, the stock market
finally showed some signs of recovery, as many shares hit the ceiling and the HASTC-Index reversed its direction, on June 11.

On the Ho Chi Minh City Stock Exchange, the VN-Index continued its downward
trend, sliding 2.55 points on the day, or 0.68 percent, to close at 370.45.

Trading volume totalled 11.4 million shares and fund certificates, while
value traded reached 302.94 billion VND (18.9 million USD), both around
seven times those of June 10's figures and between eight and 10 times those
of previous sluggish sessions.

The exchange had 79 gainers, half of the total number of codes listed. Many
hit the ceiling but most were penny stocks, with prices of less than 20,000
VND (1.25 USD).

Major stocks, including Sacombank (STB), Phu My Fertiliser (DPM), Vinamilk
(VNM), Refrigeration Electrical Engineering Corporation (REE), Saigon
Securities Inc (SSI) and FPT saw further losses.

Blue chips, however, returned to lead the market in trading volume. STB saw
more than 2.7 million shares traded, followed by DPM with nearly 1.9
million.

Foreign investors were more active on the day buying 1.7 million shares and
fund certificates and selling 1.7 million units as opposed to the previous
day's 277,300 and 56,800, respectively.

At the Hanoi Securities Trading Centre, the HASTC-Index suddenly shifted its
directions after 28 days of decline.

The index gained 0.69 points, or 0.64 percent, to close at 108.54 on the
day, only slightly higher than when the centre officially began operation in
March 2005. At that time, the HASTC-Index was set at 100.

Trading volume increased 63 percent to more than 4.9 million shares while
the total value traded nearly doubled to 101 billion VND (6.3 million USD).

Foreign investors were active, selling 230,000 shares or eight times June 10's
figure and buying 60,000 shares.-Enditem