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Shares rebound on bargain hunting
Lower valuation attracted investors yesterday, increasing buying and pushing stock indices up.
On the HCM City Stock Exchange, the VN-Index advanced for the first time in four days, adding nearly 8 points or 1.34 per cent to end the session at 589.44 points.
A blue chip rebound led the market upwards as up to 27 of the top 30 shares by market capitalisation and liquidity rose, while only two declined. This lifted the VN30 by 1.04 per cent to close at 664.88 points.
The three pillars of the market, dairy giant Vinamilk (VNM), PV Gas (GAS) and food processor Masan Group (MSN), all jumped. VNM rose 2.1 per cent to VND144,000 (US$6.83) a share while GAS climbed 1.8 per cent to VND84,500 ($4) and MSN increased 0.5 per cent to VND93,500 ($4.43). However, market volume and value decreased overall with only 105.5 million shares and fund certificates traded, worth VND1.77 trillion ($83.9 million). This represented a 30 per cent decline in both volume and value from the previous session.
Tan Tao Investment Industry Corp (ITA) continued to be the most active share on the HCM City bourse with a total volume of 12.6 million shares traded, climbing 6.2 per cent to end at VND10,300 a share.
"Three straight days of losses, actually six days of the week, seemed to be an excess in the bullish market. Intensified bargain hunting buying steadily sent the market to the highest at the close," analysts of FPT Securities Co wrote on their website yesterday. "The long rally of global markets also boosted local market sentiment."
On the Ha Noi Stock Exchange, nearly 60 per cent of codes posted gains, lifting the HNX-Index up 2.27 per cent to close at 87.62 points. The HNX30 also grew 2.51 per cent to close at 180.65 points. Trading also declined on the northern bourse as market volume and value were down 30 per cent, totaling 63.3 million shares worth VND679 billion ($32.2 million). Foreign investors continued to buy local shares yesterday, picking up a combined VND47 billion ($2.2 million) worth of shares.
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