Stocks rebound before the holiday

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VietNam News English - 30 month(s) ago 4 readings

Stocks rebound before the holiday

Shares quickly rebounded this morning on both national stock exchanges after yesterday's correction.

An investor watches a trading session at Alpha Securities in Ha Noi. — VNS Photo Truong Vi
HA NOI — Shares rebounded yesterday on both national stock exchanges despite predictions by analysts that investors would unload shares to realise profits before next week's holiday, when Viet Nam's exchanges will be shut on Monday and Tuesday.

On the HCM City Stock Exchange, the VN-Index gained 0.76 per cent to hit a one-year high of 473.77 points. Market value decreased 15 per cent from Thursday at VND1.3 trillion (US$61.9 million), while volume dropped 10 per cent to just 86.2 million shares.

Advancers tripled decliners, led by blue chips. Among the 30 leading shares by market value and liquidity, 23 rallied while 5 sank and 2 closed unchanged. The VN30 Index also rose 0.58 per cent to finish at 541.2 points.

Mining shares continued to soar yesterday, but after a series of ceiling-hitting sessions, many investors decided to consolidate their profits. Tay Bac Minerals (KTB) was the most active share in HCM City yesterday with 4.4 million shares traded. KTB gained another 4.35 per cent to close at VND14,400 ($0.69).

Analysts at Viet Nam Investment Securities Co said that market volume had improved significantly when the index headed to the resistance mark, with many investors willing to pick up cheap shares and help cushion further falls.

"The current index is fluctuating near the end of the pricing model, so pressure to sell will increase in the coming sessions," they wrote in a research note, but still expected positive developments thanks to the stable economic situation.

On the Ha Noi Stock Exchange, the HNX-Index yesterday closed 1.42 per cent higher at 79.86 points, but both market volume and value decreased about 10 per cent to just 67.6 million shares worth VND706 billion ($33.6 million).

Gainers overwhelmed losers by 226-62.

Habubank (HBB) continued to lead trades on the Ha Noi bourse with over 6 million shares changing hands, closing unchanged at VND7,100.

Foreign investors were net sellers yesterday in HCM City, unloading VND2.43 billion ($116,000) worth of shares, but they remained net buyers in Ha Noi, responsible for a net purchase of VND14.4 billion ($686,000) worth of shares. — VNS

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