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Stock market shows signs of rally
August 8 marked the rebounding of the stock market with the Ho Chi Minh Stock Exchange (HOSE) index up by 1.24 percent, closing at 444.28 points, and the Hanoi floor (HASTC) up by 1.4 percent to close at 135.32 points.
However, looking back to the first week of August, the national stock market blew hot and cold. The HOSE had two sessions downturn and three successful ones, while the HASTC floor suffered three fiascos and two rises.
The benchmark VN-Index lost 7.08 points in the week ending August 8 with an average of over 13.6 million shares changing hands in each session, against 14.4 million shares in the previous week.
The HASTC-Index fell 5.13 points with over 7 million shares traded each session, or 810,000 shares less than the previous week.
After enterprises made public their financial reports for the second quarter, the market was divided into two groups of shares. One groups of profit-making enterprises and blue-chips, including KDC shares of the Kinh Do bakery and STB shares of Saigon Thuong Tin Bank hitting the ceiling rate.
With contributions from the blue-chips, the VN-Index managed to keep from falling behind the 440-point mark.
Although the volume of trading shares fell in comparison with the previous week, investors’ confidence has come back as shown through the increase in the last session of the week.
Investors from the Saigon Securities Company said the market was on the trend towards stability with good news such as stable foreign exchange rates and a sharp fall in prices of gold and petroleum.
VNA
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