Only one out of the 35 listed firms, cashew nut processor Lafooco, suffered a loss of 0.76 per cent, to VND26,000. All the others enjoyed increases between 1.6 per cent and nearly 27 per cent.
The Saigon Hotel was the top gainer as it enhanced by 26.97 per cent to VND33,900.
The Refrigeration Electrical as Engineering (REE) giant followed with a 25.6 per cent rise, reaching VND78,500.

The paper company Hapaco and Petrolimex Mechanical Joint Stock Co. strengthened by more than 23 per cent each, closing at VND51,500 and VND24,300.

Forwarder Transimex Saigon was the smallest gainer, rising 1.6 per cent to VND63,500.
The VietFund closed the week at VND24,200, up over 9 per cent.

Almost 16 million securities changed hands between March 27-31, worth VND985 billion (US$61.6 million). Of the figures, shares represented 9 million securities and VND426 billion. Five million bonds were traded for almost VND516 billion and more than 1.8 million fund certificates transferred, worth over VND43 billion.

Foreign investors bought 939,000 shares, paying VND77 billion. They also sold almost 1.3 million stocks for VND97 billion.

REE shares were in high demand. Last Thursday alone, buying orders were placed for 746,000 equities but only 72,000 were offered for sale. The following day investors sought 519,000 shares while 40,000 were released.

Encouraging signs from REE

High REE share demand comes the company announced at the annual shareholder’s meeting held last Thursday the establishment of a real estate business joint stock company in which the company holds 70 per cent of the VND100 billion in equity capital. REE Land is expected to begin operation later this month investing in real estate projects, trading, leasing residential, office, warehouse and workshop space and real estate management.

Real estate is REE’s major operation, contributing VND49 billion or around 60 per cent of total gross company profit of VND81 billion in 2005. Its office buildings are wholly occupied. Its new office project, E-town 2 is expected to commence business by year’s end.

This year REE has aimed high, targeting VND140 billion in gross profit, of which the sales of the shares it held in Sacombank have already brought in VND30 billion. Shareholder may receive 15 per cent for this year’s dividends.

Savimex to issue new shares

Shareholders of the furniture maker and real estate developer SAVIMEX have approved the plan to issue two million new equities for funding a residential project in Dist. 7.

The issuance is expected in the second quarter at the earliest.

Under the plan, holders of every four existing shares will be eligible to buy one new one, at the price at maximum 20 per cent lower than the market price. However, they are not allowed to transfer purchase rights. Shares allocated to shareholders will total almost 1.1 million. The balance would be sold by underwriting securities company to institutional investors.

This year SAVIMEX decided to expand its operation to services including construction consultation, design and project management.

At the shareholder annual meeting last Friday, participants agreed on the set targets for 2006, including a turnover of VND360 billion ($22.5 million) of which $18 million will come from furniture sales abroad. The net profit is expected to stand at VND17.5 billion ($1.1 million) and dividends, at 16 per cent.

Last year, SAVIMEX netted an over VND16 billion profit from a turnover of VND347 billion. It paid shareholders 16 percent dividends.

BT6’s State stake reduced

The State’s stake in BT6 is slated to reduce to around 10 per cent from the current 31 per cent. An auction will be organised on April 12 at the HCM City Securities Trading Center, for over 1.2 million shares. The sale will start at the price of VND30,000, compared to the face value of VND10,000 and the market price of VND46,200 last Friday.

Foreign investors, however already hold 49 per cent, the cap limit however, of this VND59 billion firm.

VOSA shares sell fast

Almost 4.5 million shares of the ocean shipping agent VOSA sold like hot cakes at last Friday’s auction as buying orders were placed for almost 39 million with individual and institutional investors accounting for each half.

The starting price was fixed at VND10,500 but the lowest successful bid was VND36,100 and the highest one VND65,000. The sales netted the agent VND167 billion.