Vietnam’s VN Index (VNINDEX), the benchmark measure of the Ho Chi Minh City Stock Exchange, advanced 0.1 percent to close at a five-day high of 582.59. Of the index members, 94 gained and 59 dropped. The gauge is set for a second quarterly gain, having added 30 percent since the end of June.
Hoang Anh Gia Lai Joint-Stock Co. (HAG) , Vietnam’s biggest listed property company, surged the most in almost three weeks, rising by the maximum daily limit of 5 percent to close at 127,000 dong. The company raised its pretax profit forecast for the year for a second time to 1.7 trillion dong ($95.3 million), after increasing the target to 1.40 trillion dong from 1.15 trillion dong in July. The forecast was increased after Hoang Anh signed an agreement to sell 986 apartments to an investment unit of Bank for Investment & Development of Vietnam earlier this month, according to a company statement on the bourse’s Web site, citing Deputy General Director Vo Truong Son.
Phuc Tien Trade & Manufacture Joint-Stock Co. (PHT) , which makes construction equipment, metal roofing and other steel products, rose by the daily limit of 5 percent to 31,500 dong on its second day after listing on the exchange. Hanoi- based Phuc Tien doubled its net income forecast to 50 billion dong for this year, Nguyen Manh Ha, the company’s general director, said by phone today. The company’s profit margin rose as steel prices increased after it bought raw materials at “much lower” levels, Ha said.
Tuong An Vegetable Oil Joint-Stock Co. (TAC) , which makes and trades edible vegetable oils in Ho Chi Minh City, fell for the first time in nine days, losing 1.3 percent to 46,100 dong. VinaSecurities, which is owned by Vinacapital Investment Management Ltd., advised investors to sell Tuong An after the company’s first-half profit declined. VinaSecurities cut its estimate for Tuong An’s profit this year to 40.7 billion dong from 57.6 billion dong. VinaSecurities said in an e-mailed statement yesterday it reduced the target price by 28 percent to 33,050 dong.
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