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Bottom-feeders give shares a lift
The HNX-Index rebounded on Dec. 1, gaining 1.17 percent over the previous day's close to finish the session at 61.18 points.
Advancers also swamped decliners on the Hanoi Stock Exchange by 131-87, even as the volume of trades fell by 28 percent to just 21.6 million shares. The value of the day's trades also dropped by 23 percent to 199 billion VND (9.5 million USD).
Shares of VNDirect Securities (VND) and Kim Long Securities (KLS) were the most-active on the day, with over 2.2 million shares exchanged for each code.
Independent analyst Pham Viet Hung said attractive share valuation on the northern bourse seemed to whet investors' appetite for shares again, but he also warned that, due to very low price levels, any transactions could easily push the volume to several million shares.
"Investors should monitor trading volume and value for several sessions before bottom-feeding," Hung said.
Meanwhile, four of the 10 leading shares by capitalisation on the HCM City Stock Exchange lost value, weighing down the VN-Index to a close of just 380.10 points, a loss of 0.16 percent from Oct. 30 despite advancers outnumbering decliners by 120-89 overall.
Vietinbank (CTG) declined 3.5 percent while food producer Masan Group (MSN) closed down 2.5 percent. Eximbank and real estate developer Hoang Anh Gia Lai (HAG) each closed off by about 1 percent.
Shares of Tan Hoa (Viky) Plastics Co (VKP), after five rising sessions that brought it back from the dead, peaked its head back above 1,000 VNDper share, after reaching an all-time low price for any listed share on the HCM City market of merely VND600 on November 24.
Volume on the southern bourse dropped 19 percent to just 21.2 million shares, worth a modest 388.6 billion VND (18.5 million USD). Sacombank (STB) was again the most-active share in HCM City with nearly 2.4 million traded.
Foreign investors continued to unload shares on both bourses, responsible for a combined net sell of 21 billion VND (1 million USD) worth of shares./.
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