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Vietnam’s Equity Market: Phu Nhuan Jewelry, Phuc Tien Trade

Aug. 31 (Bloomberg) -- Vietnam’s VN Index, the benchmark measure of the Ho Chi Minh City Stock Exchange, rose for a third day, gaining 2.4 percent, to 455.08. The gauge lost 7.9 percent in August, the biggest monthly drop since November.

The stock market will close on Sept. 2 and Sept. 3 for the National Day holiday, according to a statement on the bourse’s website.

Development Investment Construction Joint-Stock Corp. (DIG VN), the construction company based in the southern province of Ba Ria-Vung Tau, climbed 4.8 percent to 45,900 dong. The company bought back 2 million shares, according to a statement filed on the exchange’s website.

Phu Nhuan Jewelry Joint-Stock Co. (PNJ VN), Vietnam’s only listed trader of gold and precious stones, gained 4.2 percent to 35,000 dong, the highest since Aug. 3.

Gold may rise as high as $1,500 next year, 21 percent more than the $1,237 traded at 5:30 p.m. in London yesterday, according to the median in a Bloomberg survey of 29 analysts, traders and investors. Dan Brebner, an analyst at Deutsche Bank in London who is the most accurate forecaster so far this year, says the metal may reach $1,550.

Phuc Tien Trade & Manufacturing Joint-Stock Co. (PHT VN), which makes construction equipment, metal roofing and other steel products, rose 4.7 percent to 15,600 dong. The company plans to buy back 1.9 million shares from Sept. 10 to Dec. 10, it said in a statement on the bourse’s website.

To contact the reporter on this story: Nguyen Kieu Giang in Hanoi at giang1@bloomberg.net;

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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