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Bargain hunters push index up
Shares rose across the board yesterday on both national stock exchanges, while investors on the hunt for bargain stocks also sent market volumes and values higher.
"A rising wave came suddenly and surprised many investors in the first half of the session, causing them to rush to buy shares near ceiling prices in the latter half of the session for fear of missing the opportunity to buy cheap shares," said independent analyst Nguyen Viet Hung.
Hung warned, however, that yesterday's surge could be a bull-trap. Without supporting news to sustain a rally, there was little basis to expect a solid recovery, he said.
On the HCM City Stock Exchange yesterday, the VN-Index gained over 1.8 per cent to close at 393.46 points. The value of trades soared from Tuesday's level of just VND299 billion (US$14.4 million) to VND805.5 billion ($38.7 million) yesterday, while market volume doubled to 39.3 million shares.
Advancers outpaced decliners by 198-40, with 70 shares hitting their ceiling prices for the day, including such blue chips as insurer Bao Viet Holdings (BVH), property developer Hoang Anh Gia Lai (HAG), PetroVietnam Finance (PVF) and Saigon Securities Inc (SSI), which was the most-active share on the day with over 2.7 million traded. Among the 10 leading shares by capitalisation, only food producer Masan Group (MSN) closed down.
On the Ha Noi Stock Exchange, the HNX-Index ended yesterday's session up 2.4 per cent to 67.41 points. Value and volume both tripled the previous day's totals, reaching VND480 billion ($23.1 million) on a volume of around 50 million shares.
Kim Long Securities (KLS) was still the favoured share of speculators, racking up a volume of 7.9 million shares yesterday and climbing by 4 per cent to a close of VND10,300 per share.
Foreign investors remained pessimistic about the market, concluding yesterday as net sellers again in HCM City bourse by a net of about VND21 billion ($1 million). They were net buyers on the Ha Noi bourse, but by a modest net of just VND675.5 million ($32,500) worth of shares.
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