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VietNamNews

Shares rebound despite global jitters

Update: June, 06/2012 - 09:19

HA NOI — Shares rebounded yesterday as investors bet on bargain shares. On the HCM City Stock Exchange, the VN-Index regained 1 per cent from a three-month low on Monday to close at 421.02 points.

The value of trades decreased 17 per cent from the previous session to over VND2 trillion (US$99 million), while volume reached nearly 102 million shares.

Half of the total volume was traded through negotiations, including 51 million shares of Sacombank (STB), worth VND1.28 trillion ($61 million).

Advancers outnumbered decliners by 187-54. Twenty-one of the 30 leading shares by capitalisation and liquidity rose, lifting the VN30 Index by over 1per cent to 498.02 points.

Tan Tao Investment Industry Corp (ITA) led trades in the morning with 2.3 million shares changing hands. ITA closed up 1.4 per cent to VND7,200 per share.

On the Ha Noi Stock Exchange yesterday, the HNX-Index also gained 1.48 per cent over the prior day's close to end yesterday's trades at 73.58 points. Volume was sluggish, declining about 15 per cent to 37.5 million shares, worth about VND370 billion ($17.6 million). Gainers outnumbered losers 253-46.

VNDirect Securities (VND) was the most-active share on the day, with 3 million changing hands, before rising 6.4 per cent to settle at VND11,600 per share.

Analysts said Monday's steep slumps overshadowed yesterday morning's more modest declines, but risk appetites soared in the afternoon, rescuing both indices from another fall.

However, Bao Viet Securities Co analyst Nguyen Xuan Binh noted that high sell pressures from overseas investors which focused on large-cap stocks continued to negatively affect index movements. Foreign investors concluded yesterday as net sellers on both exchanges, unloading shares worth a combined VND113.5 billion ($5.4 million).

"This may come from the selling activities of exchange-traded funds for redemption purposes," Binh commented on a research note. "It's considered a remarkable risk for the local market if world stocks continued declining." — VNS

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