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Stocks bounce back on the back of heavy buying for blue chips
The Ho Chi Minh Stock Exchange mixed on Wednesday over a sharp buying for blue chips.
Investors expected the market to slump for the fourth straight day as the VN-Index remained in the negative territory in the first trading session.
However, a heavy buying for large caps like Sacombank (STB), PetroVietnam Chemical and Fertilizer (DPM), steel maker Hoa Phat Group (HPG) and PV Drilling (PVD) appearing at the closing time of the second session helped lift the index.
VN-Index finally rose 0.1 percent, to 472.47, snapping a three-day 7.7 percent decline.
On the measure of 162 companies on the Ho Chi Minh Stock Exchange 59 stocks rose and 98 dropped.
PetroVietnam General Services Joint-Stock Company (PET) slid for a fourth day, falling 4.9 percent to VND21,400. Hanoi-based PetroVietnam Finance Co., the biggest publicly traded company, sold 494,500 shares, paring its stake in Ho Chi Minh City-based PetroVietnam General to 4.1 million shares, the company said in a statement to the exchange after the market closed yesterday.
Truong Thanh Furniture Joint-Stock Group (TTF), a maker of furniture, declined by the daily maximum limit of 5 percent, the most since December 2, to a nearly two-week low of VND23,000.
Mauritius-based Aureos Capital Ltd.’s South-East Asian Fund sold 362,400 shares to reduce its holding to 1.1 million shares, or5.4 percent, Truong Thanh said in a statement to the bourse’s Web site after the market closed yesterday.
Hoang Anh Gia Lai Joint-Stock Company (HAG), Vietnam’s biggest listed property company rose 4.5 percent, the most since June 8, to VND70,000.
The Hanoi Securities Trading Center also rebounded after yesterday’s sharp fall, with the HaSTC-Index rising slightly 1.99, or 1.21 percent, to finish at 167.02.
Thieu Gia
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