Bloomberg News

Vietnam Stocks: Licogi 16, Bourbon Tay Ninh, Phuc Tien Trade

September 28, 2009

Vietnam’s benchmark VN Index (VNINDEX), a measure of 172 companies on the Ho Chi Minh City Stock Exchange, fell 0.82, or 0.1 percent, to 582.02. Among the index members, 72 advanced, 83 dropped, and 17 were unchanged.

Licogi 16 Joint-Stock Co. (LCG) , a Ho Chi Minh City- based builder and property developer, dropped 3.5 percent to 83,500 dong, the most since July 30. State-owned Infrastructure Development and Construction Corp., known as Licogi, plans to sell its entire 3.5 percent stake in Licogi 16 by Dec. 31, Licogi 16 said in a statement to the exchange’s Web site.

Sugar Stocks: Bourbon Tay Ninh Joint-Stock Co. (SBT) , Vietnam’s biggest listed sugar producer, rose by the maximum trading limit of 5 percent to a three-week high of 14,800 dong. Lam Son Sugar Joint-Stock Co. (LSS) , the second-biggest listed sugar company, gained 2.9 percent to a record 53,000 dong. Bien Hoa Sugar Joint-Stock Co. (BHS) , the third-largest listed sugar producer, rallied 4.9 percent to 36,300 dong, the highest since Feb. 28, 2008.

Sugar prices have almost doubled this year as drought in India and excess rain in Brazil, the world’s biggest producers, damaged crops. The global shortfall in the year starting Oct. 1 may be 8.3 million tons, compared with a June estimate of 5.1 million tons, Switzerland-based sugar broker Kingsman SA said Sept. 25.

“The world shortage of sugar and price increases have boosted investors’ expectations of earnings for Vietnamese sugar producers,” said Phan Tung Lam, a Hanoi-based analyst at Habubank Securities.

Phuc Tien Trade & Manufacture Joint-Stock Co. (PHT) , which designs and manufactures construction equipment, wall panels, and metal roofing, became the 173rd company of the bourse when it started trading 11 million shares today, according to an e-mailed statement from the exchange. The shares rose by the maximum trading limit on debut of 20 percent to 30,000 dong, valuing the Hanoi-based company at 330 billion dong.

To contact the reporter on this story: Van Nguyen in Ho Chi Minh City at vnguyen23@bloomberg.net

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


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