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Blue chips help Index rebound
The punters were back in force on May 7, concentrating mostly on the blue chips and helping the VN-Index regain 3.92 percent to 363.85 point at closing.
Advancers outnumbered decliners by 127 to 11, most of which saw a ceiling increase of 5 percent, the maximum regulated trading band in the HCM Stock Exchange.
Market volume reduced to half of Wednesday’s amount but remained brisk with 38.5 million shares worth of 1.1 trillion VND (61.8 million USD). Foreign investors contributed significantly with over 3 million shares changing hands.
Sacombank contributed 19.10 percent of the volume, with 7.9 million shares traded.
The Dow Jones increase helped local stock exchange to a good start, marked by strong buying in blue chips, a VNDirect Securities’ analyst said.
“The most influencial factor was the US banking stress test announcement which reassured investors on the solvency of the banking system,” Hanoi analyst Dao Van Khanh said.
In addition, investors were beginning a new round of short-term investments which could help the rally, although VNDirect Securities’ analysts said there probably would not be a sudden increase in market volume as occurred on May 6 as it contained risks for investors.
Analysts also suggested that investors stay with stocks which had enough capacity for long and stable growth.
Meanwhile, the HASTC-Index on May 7 added 6.17 percent to close at 132.07 points.
Market volume was 25.7 million shares, worth 835.5 billion VND (46.9 million USD). Asia Commercial Bank was the most active with 9.31 million shares traded, accounting for 36.2 percent of the total.
Foreigners concentrated mostly on securities shares becoming net buyers with 182.100 shares.
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