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Stocks break three-day losing streak
The VN-Index jumped 2.54 per cent yesterday to close at 537.81, snapping its three-day losing streak, as most stocks rallied on the HCM City Stock Exchange.
Advancers outnumbered decliners by 149 to 8 and trade volume fell by 20 per cent from Monday’s figure to 46.5 million shares with a turnover of more than VND2 trillion (US$112.4 million).
Activity on the southern exchange concentrated on a few blue chips, with Sacombank (STB) showing the heaviest activity with 4.7 million shares sold. Refrigeration Electrical Engineering Corp (REE) and Hau Giang Pharmaceuticals (DHG) both turned around to lose value after Monday’s dramatic gains.
Seafood exporter Ntaco Joint Stock Co (ATA) witnessed satisfactory trading in its debut on the HCM City market, with more than 11,000 shares changing hands and closing up 20 per cent to VND24,000 ($1.3) per share.
"The influences of Indochina Capital’s move to liquidate its Viet Nam holdings on investor psychology will gradually blow over and the market will stabilise again," said FPT Securities Co analysts in their daily report.
They noted that some shares in Indochina Capital’s liquidation list, such as Bao Viet Holdings (BVH), Vietcombank (VCB) and FPT, did not see any heavy sales and all gained value yesterday.
On the Ha Noi Stock Exchange yesterday, the HNX-Index also rose by 1.88 per cent to end at 167.83, with 196 codes advancing and 10 declining. The value of the day’s trades reached VND870 billion ($48.9 million), as trading volume fell by 9 per cent from the previous session to 25.3 million shares.
Kim Long Securities (KLS) still proved the most active on the northern exchange with 3.2 million shares changing hands, followed by Vinaconex Group (VCG) with 1.9 million.
Bao Viet Securities Co analysts said money flows were still being poured into the stock market with expectations on economic recovery, supported by increasing industrial production values and retail sales, and the nation’s credit growth target raised to 30 per cent.
Nguyen Van Chung, an expert at Bao Viet Investment Fund, said domestic share prices still proved quite attractive to investment funds for the long term, with corporate growth prospects assessed to be good.
In HCM City yesterday, foreign investors continued to be net sellers of 1.75 million shares, with a net value of VND48.7 billion ($2.7 million); but in Ha Noi, foreigners returned as net buyers of 364,700 shares, worth VND18.3 billion ($1 million). Foreigner transaction levels stayed modest on both bourses, with a combined trading volume of only 5.7 million shares.
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