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Shares rebound on stronger volume
Trading volume on the HCM City Stock Exchange on Tuesday leapt by 64 per cent over Monday's session to a total of 54.2 million shares, helping lift the VN-Index to close at 455.08 points, a gain of 2.37 per cent on the day.
The value of yesterday's trade on the HCM City bourse rose back above the VND1 trillion-level to VND1.46 trillion (US$74.8 million).
Saigon Securities Inc (SSI) claimed the position as most-active share during the session, responsible for 3.35 million trades. SSI reached its ceiling price, closing up 4.87 per cent to VND28,000 per share.
Financial shares in general led the market increase, gaining 4.9 per cent across the board. Petroleum shares followed, with an overall gain of 4.6 per cent, while communications stocks also performed strongly, picking up 3.9 per cent.
Yesterday's rally ended the current downtrend and would allow markets to test higher resistance marks, suggested Le Quoc Cuong, an analyst with a Ha Noi-based financial institute.
"The overnight declines in the Dow Jones were slightly influential in the initial 30 minutes, but investors quickly regained confidence due to a thick flow of buy orders at high prices," Cuong said.
He said that this type of rally was similar to previous years in the sessions before the National Day holiday.
Industrial and Commercial Securities Company analyst Nguyen Thai Son concurred that yesterday's session would set a new trend on the market, leaving 420 as a new benchmark, the low-point of the recent downturn.
On the Ha Noi Stock Exchange, the HNX-Index also rose by 2.8 per cent to close at 128.40 points, with the volume of trades reaching 45.8 million shares – double Monday's figure.
The value of trades on the northern bourse reached VND1 trillion ($51.3 million), with PetroVietnam Construction (PVX) leading trades on a volume of 9.7 million shares.
Foreign investors picked up a net of 4.5 million shares on both exchanges, worth a total of VND207 billion ($10.6 million). Their buy-in focused mostly on blue chips, including shares of real estate developers Hoang Anh Gia Lai (HAG) and Hoa Phat Group (HAG), as well as of Tan Tao Industrial Park Investment &Development (ITA).
VN&Index on Monday quoted a representative from the State Bank that there would be some changes in the provisions of Circular No13 which sets stricter capital adequacy requirements for banks, although the deadline would not be extended.
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