Mineral stocks still rock solid

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Báo Đầu Tư English - 34 month(s) ago 3 readings

Mineral stocks still rock solid

Investors rushed to cash in speculative real estate and securities company stock on Monday as they continue to respond to the central bank’s recent move to ease monetary policy.

Highly liquid real estate stock the Tan Tao Investment Industry Corp. (ITA), Quoc Cuong Gia Lai (QCG), Licogi 16 (LCG), along with Becamex Infrastructure Development (IJC), Petrovietnam - Idico Long Son Industrial Park Investment (PXL), Binh Duong Trade and Development (TDC) and the Hoang Quan Consulting, Trading and Service Real Estate Corp. (HQC) saw large bids and volumes at the opening of the session. Those stocks all hit the ceiling.

ITA outperformed the market with 3.8 million shares matched.

Mineral stocks of Nari Hamico Minerals (KSS), Bac Giang Exploitable Mineral (BGM), Tay Bac Minerals Investment (KTB) and Binh Thuan Hamico Mineral (KSA) also experienced massive sales with hundreds of thousand units matched.

Speculators aggressively bid for securities company shares. Positive business results for first quarter that these firms are releasing supporting the rally trend. Saigon Securities Inc. (SSI) and Ho Chi Minh City Securities (HCM) both hit the ceiling on the southern bourse. Stocks of the major firms VNDirect Securities (VND), Saigon-Hanoi Securities (SHS), Kim Long Securities (KLS) and Bao Viet Securities (BVS) all experienced a strong jump.

PetroVietnam-family stocks were also among the top gainers, led by Petrovietnam Southern Gas (PGS) with PVS hitting the ceiling today. Both stocks suddenly rallied today with more than three million units matched each.

However, blue-chips remained stagnant. Pillar stocks Bao Viet Holdings (BVH) and Masan Group (MSN) both fell. Bank stocks gained just 2-3 per cent each. These stocks had the effect of reining-in the market’s gain although 228 stocks were up against 35 off on the southern bourse.

Overall, the VN-Index of the Ho Chi Minh Stock Exchange (HoSE) advanced 5.66 points or 1.22 per cent to end at 468.18 points. The HNX-Index of the Hanoi Stock Exchange (HNX) climbed 1.99 points or 2.54 per cent to end at 80.37 points.

Meanwhile liquidity fell slightly compared to previous sessions. Total volume reached 89.7 million shares, worth VND1.36 trillion ($65.5 million) on HoSE while on the HNX the numbers were 91.3 million shares worth VND1 trillion ($48.7 million).

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