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Shares rebound from 3-month low
The VN-Index on the HCM City Stock Exchange managed to rebound yesterday, after tumbling for two consecutive trading sessions to the lowest level in three months on Tuesday.
The participation of the barrel-scraping capital yesterday helped shares advance but as caution remained, the trading volume and value were modest and strongly declined over the previous trading session. Only over 52.4 million shares were traded on the southern bourse yesterday, worth VND895.4 billion (US$42.6 million), 47 per cent and 46 per cent lower, respectively, than Tuesday.
The VN-Index added 4.86 points or 0.88 per cent to close at 559.97 points on eased selling pressure.
Gains from blue chips helped the market to reverse the trend yesterday. With gainers overwhelming losers by 18-8, the VN30-Index edged up 0.71 per cent to finish at 609.51 points.
Bao Viet Holdings (BVH) suddenly witnessed a strong demand in the afternoon trading, rising 6.8 per cent to the ceiling price of VND36,000 ($1.7). It was a share with more than 541,000 million shares traded, of which more than 25 per cent were bought by foreign investors.
Among losers, HCM City Infrastructure Investment Corporation (CII) was the most notable, losing 6.9 per cent to its floor price of VND24,300 ($1.15) a share on its ex-rights date of buying the company's convertible bonds.
Although the market trend was reversed, the declined liquidity became a worry and reflected the investors' caution. According to analysts, if the capital inflow does not improve in the next trading, yesterday's gain would hardly be maintained.
The HNX-Index on Ha Noi Exchange rose slightly by 0.01 per cent to close yesterday at 76.56 points.
However, the HNXFF-Index, which tracked the performance of stocks with a minimum free float rate of 5 per cent, dropped 0.09 per cent to end at 77.13 points.
Large-cap stocks ended mixed with the HNX30-Index, composed of the bourse's top stocks closed 0.39 per cent lower at 150.38 points.
With only 35.8 million shares changing hands, trading value was modest at VND322.3 billion ($15.3 million).
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