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Stock market recovery continues
The Ho Chi Minh City market Monday continued the recovery that began last week after the market regulator cut the intraday share trading band to 1 percent on March 27.
The State Securities Commission reduced the trading band from 5 percent in an attempt to stem the slide on the market, which lost 45 percent this year.
The move immediately put a brake on the benchmark VN-Index’s relentless fall in previous sessions, and saw the index rallying for four straight days.
The VN-Index rose 3.89 points, or 0.75 percent, in the first session and added 0.05 percent toclose at 516.85.
Trading volumes, already thin, fell by a further 15.4 percent to 2.18 million shares.
“Investor confidence was restored following the market regulator’s move,” a Ho Chi Minh City-based broker said.
“No one wants to sell as they are waiting for the market to bounce back.”
All 153 stocks on the market gained, most of them by the new daily limit of 1 percent.
FPT Corporation, which moved up VND500 to close at VND96,000, was the most active stock as 281,820 shares changed hands.
The technology firm has lost 51 percent this year.
Thu Duc Trading and Import – Export edged up VND200 to close at VND26,600.
The company has received approval to issue 445,493 new shares on the Ho Chi Minh Stock Exchange, the exchange said on its website.
Sieu Thanh Joint-Stock Corporation gained VND500 to close at VND53,000.
The HCMC-based firm has informed the exchange it will buy back 300,000 shares between April 3 and July 3.
Doan Xa Port gained VND200 to close at VND23,100.
The exchange reported that a director of the Hai Phong City-based port operator planned to raise her holdings to 0.51 percent by buying 5,000 shares on the market.
Foreign investors were net sellers to the tune of VND44.2 billion (US$2.75 million).
They sold mostly FPT Corporation, Saigon Securities Incorporation, Construction No. 5, Hoa Phat Group and Bien Hoa Confectionery.
The Hanoi market too continued to rebound, with the HASTC-Index rising 2.85 points, or 1.6 percent, to close at 181.43.
Of the 133 stocks on the index, 130 gained.
Thanhnien
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