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Blue chips boost both indices
Both national benchmark indices rebounded yesterday from last week's accumulative drops thank to selling pressure that eased and gained from large-cap stocks.
However, as the market was still cautious, liquidity saw no improvements over the previous trading sessions.
On HCM City Stock Exchange, boosted by blue chips' gains, the VN-Index closed yesterday adding 0.59 per cent at 586.23 points with gainers overwhelming losers by 113-76.
Trading yesterday was more stable with selling pressure easing and investors reducing profit-booking activities to follow the new market trends.
According to FPT Securities, if buyers accepted higher prices in the coming trading sessions, gains of the VN-Index would be expanded and the upward trend would be more solid.
More than 68 million shares worth VND1.2 trillion (US$56.6 million) changed hands on the southern bourse.
Large-cap stocks played a key role in lifting the benchmark indices, with the VN30-Index tracking, the southern bourse's 30 largest shares by market value and liquidity, adding 5.44 points, or 0.87 per cent, to end at 632.54 points.
Blue chips gains were supported by promising earnings of the year's first half, especially stocks of rubber and oil and gas sectors.
Of note were Da Nang Rubber Corporation (DRC) that rose 6.9 per cent to its ceiling price of VND54,500 ($2.5) and the Southern Rubber Corporation (CSM) which gained 6.53 per cent.
Other gainers included PetroVietnam Drilling Corporation (PVD) (up 3.57 per cent), PetroVietnam Low Pressure Gas Distribution (PGD) (up 3.1 per cent) and PetroVietnam Transportation Corporation (up 3.84 per cent), while Masan Group (MSN), Tan Tao Group (ITA), Eximbank (EIB) and Gemardept (GMD) fell and seven codes closed without any movement.
According to Vietcombank Securities' reports, stocks of petrol and oil, energy, infrastructure construction and export sectors would become the market's highlights in the second half of the year as these sectors would benefit from the Government's policies on socio-economic development.
FLC Group (FLC) was the most heavily traded stock in the southern bourse with more than 12.1 million shares changing hands yesterday, followed by another property stock, Tan Tao Group (ITA) with 3.67 million shares being sold.
Mobile World Investment Corporation (MWG) rose by 19.9 per cent to close at VND81,500 ($3.85) a share on its first trading day.
On the Ha Noi Exchange, the HNX-Index advanced 1.11 per cent to finish at 79.49 points on the exchange of 34.4 million shares with the total trading value of VND466 billion ($21.18 million).
The HNX30-Index, tracking the capital city's top stocks, ended 1.6 per cent higher at 162.41 points.
PetroVietnam Technical Services Corporation (PVS) attracted investors yesterday with 4.4 million shares traded and ending 7.2 per cent higher at VND32,000 ($1.5) a share.
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