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Monday’s markets bounce back
The VN-Index managed to recover some of its footing yesterday, bouncing back to 454.27 points, an increase of 4.32 per cent.
Nearly all listed stocks and fund certificates on the HCM City Stock Exchange posted gains and hit the ceiling price within their regulated trading bands.
The total value of the trades reached VND1.18 trillion (US$66.3 million) on a volume of 31.4 million shares, with market-leader Sacombank (STB) accounting for 5.16 million, or 17.09 per cent of the total.
Recently listed Vietcombank (VCB) managed a distant second, with a modest volume of 1.57 million shares.
Vincom Securities Co analysts suggested that the low prices of financial shares at the end of last week prompted today’s jump.
In Ha Noi yesterday, the HNX-Index also rebounded by 4.38 per cent to end the day at 154.14. Market volume rose 9.7 per cent over Friday’s total, to 14.75 million shares, worth a combined VND483.3 billion ($27.2 million).
Asia Commercial Bank (ACB) was the most active share on the northern bourse, with 2.7 million traded
Foreign investors were net sellers on both stock exchanges yesterday, responsible for combined net sales of 290,960 shares.
Bao Viet Securities Co analyst Hoang Anh Tuan wrote in a weekly report that leading enterprises were expected to publish solid first-half earnings reports beginning ths week, but that the market reaction would possibly be less than some companies were expecting.
Recent growth in the market may already reflect optimism about these forthcoming results, Tuan suggested. If earnings reports justify this optimism, it would simply prove a basis for further sustainable development of the market, he added.
Meanwhile, the UPCoM-Index managed a second day of gains yesterday, gaining 3.53 per cent to close at 77.09 points, on volumes twice those of last Friday’s totals.
Volume on UPCoM was 676,334 shares, worth a total of VND8.7 billion ($488,764). Foreign investors accounted for 4,500 shares of the total, worth just VND51.3 million ($2,882) – the entirety spent on shares of APEC Securities Co (APS). APS closed essentially unchanged, up just 0.2 per cent to VND11,300 per share.
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