Market makes slight turnaround

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SaigonTimes English - 34 month(s) ago 7 readings

HCMC – The local market ended its four-day losing streak with a mild rebound on Tuesday as buying energy sharply increased towards the end of the session. The VN-Index inched up 0.48 points, or 0.1%, against the previous day to close at 465.65.

Market makes slight turnaround

By Phuong Thao - The Saigon Times Daily

HCMC – The local market ended its four-day losing streak with a mild rebound on Tuesday as buying energy sharply increased towards the end of the session. The VN-Index inched up 0.48 points, or 0.1%, against the previous day to close at 465.65.

The market opened higher but quickly fell several points to hit the daily low of 460.6 before recovering somewhat during the middle of the morning session and then dropping back again. The afternoon trading saw a several point advance before closing just into the black.

On the Hochiminh Stock Exchange, liquidity improved by around 33% in volume and value to 88.3 million shares worth VND1.3 trillion on the back of put-through market, which contributed VND350 billion.

Gainers outnumbered losers by 156 to 90, with 64 stocks hitting the ceiling prices and 27 others plunging to the floor prices. In terms of the VN-Index, PVF, SSI and HPG made the biggest positive contribution while MSN, BVH, STB and VCB made the biggest negative contribution.

The VN30 Index, meanwhile, added 1.29 points, or 0.24%, to 534.89 with 18 advancers.

Sacom Development and Investment Corporation (SAM) turned the market leader in terms of volume, shooting up to the ceiling price of VND8,900 per share with 3.3 million shares changing hands. Military Bank (MBB), the second most heavily traded stock, rose 0.6% against the previous session to VND15,500 on the volume of 2.7 million shares.

Foreigners were more active but they turned net sellers, making up 12% and 13.9% of the market’s buying and selling value respectively.

The Hanoi market advanced again while turnover improved to VND733 billion. The HNX-Index rose 0.76 point, or 0.98%, from the session earlier and ended the day at 78.57.

There were 164 stocks rising and 93 others losing, of which 38 soared to the ceiling prices and 21 others dropped to the floor prices. Foreigners accounted for 1.8% of the buying value and 2.8% of the selling value.

Although turnovers on both exchanges improved on Tuesday, Viet Capital Securities Corp. noted that liquidity on the southern bourse was around 30% lower than last week’s daily average while that on the northern exchange was also 32% lower than last week’s average.

“As we said on Monday, trading volumes are expected to be low for the rest of the week especially with a lack of news and with investors still digesting mixed macro signals,” it said.

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