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Stocks recover on the back of international rally
Stocks rebounded Wednesday on the Ho Chi Minh Stock Exchange as the recovery on international stock markets boosted investor confidence.
The VN-Index, Vietnam’s main stock index, moved up sharply soon after the opening bell on heavy buying.
But the uptick ran out of steam in the second session which saw heavy trading with 18.7 million shares changing hands. The benchmark index eventually closed 8.82 points, or 2.73 percent, up at 331.62.
Trading volume was high, with 23.3 million shares traded, compared with Monday’s 14.7 million and Tuesday’s 18.2 million. Of the index’s members, 132 advanced and 21 declined.
Nguyen Hai Son, a broker at FPT Securities Co. in HCMC said sentiment was the key driver. “Investors were buoyant after gains on stock markets around the world,” he said.
But it is hard to make a prediction now since the market moves rely mainly on investor confidence, which is driven by the international markets, he said.
Asian stocks soared for a second straight day Wednesday after a strong rally on Wall Street as hopes mounted for further interest rate cuts to shore up the global economy.
Japan's Nikkei stock index jumped more than 7 percent in early trade, regaining the key 8,000-points level, after the Dow Jones had soared almost 11 percent in New York overnight.
Shares jumped almost 8 percent in Seoul and 4.5 percent in Sydney. Singapore saw a gain of 3.8 percent.
In Canada, the Toronto Stock Exchange rebounded 7.2 percent, nearly erasing Tuesday's 8.14 percent plunge, the worst single-session drop in 21 years.
In the wake of huge gains in Asia, European exchanges rebounded. London's FTSE 100 index rose 1.92 percent and the Paris CAC 40 gained 1.55 percent.
The Frankfurt DAX, again powered by big gains for Volkswagen, soared 11.28 percent to 4,823.45.
In Latin America's biggest stock market, Brazil's Ivobespa index soared 13.42 percent, while Argentina's Merval jumped 6.58 percent.
Stocks’ performances
Saigon Thuong Tin Commercial Joint Stock Bank, the exchange’s only listed traded lender, remained the most active stock by volume, with 2.4 million shares changing hands.
The HCMC-based lender edged up VND900, or 4.74 percent, to close at VND19,900.
Vitaly Joint Stock Co., Hanoi P&T Construction & Installation Joint stock Co., Petrolimex Joint Stock Tanker Co. and furniture maker Savimex Corp. were the top four movers Wednesday, all rising by the daily maximum limit.
Lam Dong Mineral and Building Material Joint Stock Co. and Lu Gia Mechanical Electric Joint Stock Co. were the two biggest losers, both plummeting 4.98 percent.
Foreigners have been net sellers since early this month, notching up net sales of VND71.5 billion (US$4.3 million).
Thanh Nien
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