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Shares climb on bargain hunting
Shares rebounded yesterday on both stock exchanges, fuelled by speculation that the market would rise in the coming days, after falling to some of the lowest levels on record.
According to analysts, the ongoing dispute between Viet Nam and China had spooked investors, resulting in sharp declines over the past week.
The market plunged to a four-month low with many blue chips, including FPT Corp (FPT), Hoang Anh Gia Lai Group (HAG) and Saigon Securities Inc (SSI), shedding around 20 per cent in the first two weeks of May.
Many investors rushed to buy cheap shares, pushing the VN-Index up 3.04 per cent to close yesterday's session at 529.53 points.
On the HCM Stock Exchange, only one of the top 30 shares by market value and liquidity shed value, while 12 hit the ceiling price with the VN30-Index seen closing 3.88 per cent higher at 581.83 points.
Market volume increased 10 per cent over the previous session, totaling 108.3 million shares and fund certificates, worth nearly VND1.47 trillion (US$69.7 million).
Real estate developer FLC Group (FLC) continued to be the most active code yesterday with 12 million shares traded, surging 6.7 per cent to end at VND8,000 a share.
On the Ha Noi Stock Exchange, the HNX-Index also rose 3.58 per cent to stand at 71.87 points while the HNX30 jumped 5.24 per cent to 139.39 points.
Trading declined from Tuesday, however, as both market volume and value fell 10 per cent, totaling nearly 55 million shares worth VND425 billion ($20.1 million).
Sai Gon-Ha Noi Bank (SHB) was the most heavily-trade stock on the northern bourse on trades of 6.1 million shares, climbing 3.7 per cent to close at VND8,500 a share.
Foreign investors continued to collect local shares, with their net buy value reaching nearly VND250 billion ($11.9 million) in shares on the two bourses. Their purchases focused on large-cap stocks such as Hoa Phat Group (HPG), Vietcombank (VCB), Tan Tao Investment Industry Corp (ITA) on the HCM City market and Kim Long Securities Co (KLS) and PetroVietnam Technical Services Corp (PVS).
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