HA NOI — Following Monday’s plunge, the nation’s stock market recovered somewhat yesterday in active trading.

Sacombank (STB) and Phu My Fertilisers (DPM) were once again the most heavily-traded shares, seeing volumes of 722,490 and 630,360 shares, respectively.

A number of blue chips advanced, including Vincom (VIC), up 0.7 per cent to VND151,000, and FPT, rising 1 per cent to VND208,000. Hoa Phat Group (HPG) was a leading gainer, hitting its ceiling price of VND103,000, a 4.6-per-cent advance.

SeABank Securities broker Phan Tuan Cuong said that Hoa Phat’s business results in the first 11 months of 2007 had exceeded the year’s targets, on strong gross revenues.

"Also," Cuong noted, "its subsidiary, Hoa Phat Pipeline Co, won the bid to equip the tallest building in Viet Nam, a factor that inspired investor interest in Hoa Phat shares."

Some analysts figured that the market warmed up a bit yesterday thanks to a positive report issued by HSBC which said now was good time for investors to buy in to the stock market.

Deputy Prime Minister Nguyen Sinh Hung may have also given the market an assist yesterday when he approved a delay in implementing the collection of taxes on capital gains.

According to State Securities Commission chairman Vu Bang, the Ministry of Finance had also approved proposed delays in several high-profile initial public offerings planned for 2008, helping ease a perceived imbalance in supply and demand for shares.

"All this positive news comes at the same time, give investors more reason to be optimistic about where the market’s going," Cuong said. He predicted that it would help increase trading volume for the next several sessions.

The Ha Noi market also gained back some lost ground yesterday, rising 0.45 per cent to close at 298.93. Value of trades on the capital city bourse was VND216.36 billion ($13.5 million) on a volume of 2.4 million shares. — VNS