Stocks bounce back on bourses
HA NOI – (VNS) Shares rebounded yesterday on both national stock exchanges.
|Traders follow market movements at an Asia Commercial Bank stock trading floor. — VNS Photo Truong Vi
On the HCM City Stock Exchange, the VN-Index added 0.95 per cent to reach 388.16 points.
Market value climbed 12.4 per cent over Thursday's level to VND407.36 billion (US$19.3 million). The volume of trades reached 27.6 million shares.
The VN30, representing the southern bourse's 30 top shares, gained 0.8 per cent to hit 453.20 points thanks to the advance of 22 listed blue chips. Notably, five shares hit their ceiling prices, including Kinh Do Confectionery Co (KDC), PetroVietnam Finance (PVF) and property developers Dic Corp (DIG), Tan Tao (ITA) and Tu Liem Urban Development (NTL).
Meanwhile, none of these 30 stocks declined.
As the third quarter ended, information about business operations was the biggest factor influencing the market, said Bao Viet Securities Co analyst Nguyen Xuan Binh.
Most shares that hit their ceiling prices yesterday were highly speculative stocks such as financial and real estate shares, he said. "This shows both the return of speculative cash and the lack of sustainable demand."
Due to great selling pressure at high prices, Binh alleged that investing in real estate and financial stocks before any official information about corporate activities was published was quite risky.
Meanwhile, VietCapital Securities Co analyst Vu Thanh Tu suggested shares of the construction and infrastructure sectors such as Refrigeration Electrical Engineering (REE), Becamex (IJC), Cotec (CTD) and Hoa Binh (HBC).
"Technically, we continue to recommend buys at low prices for short-term investment," Binh advocated.
On the Ha Noi Stock Exchange, the HNX-Index also rose 0.3 per cent, standing at 54.34 points.
Although the value of trades went up by 33 per cent to VND146.82 billion ($6.9 million), this was still a very low level.
The HNX30, tracking the exchange's best stocks, finished yesterday at 100.73 points, a 0.43 per cent increase.
Foreign investors – after heavily selling on Thursday – became buyers on both bourses yesterday. They saw a particularly high margin of VND15.2 billion ($723,800) on large-caps tracked by the VN30. — VNS