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VietNamNews

Late blue-chip rally buoys market

Update: July, 06/2012 - 09:21

 

Investors monitor trades at the offices of Saigon Securities Inc in Ha Noi. — VNS Photo Truong Vi
HA NOI — Increased buys towards the end of the trading day lifted shares on both of the nation's stock exchanges yesterday, putting the brakes on a three-day losing streak.

On the HCM City Stock Exchange, the VN-Index concluded yesterday's session at 413.83 points, an increase of 0.75 per cent over the previous day. The value of trades rose by over 30 per cent to nearly VND464 billion (US$22 million), while volume was up 45 per cent to over 31.5 million shares.

Advancers outnumbered decliners by 152-63.

A number of shares which saw declines during morning trading bounced back by the afternoon. Amongst the 30 leading shares by market capitalisation and liquidity, 20 closed up. The few losers included steelmaker Hoa Phat Group (HPG) and commercial baker Kinh Do (KDC), with losses of 0.4 per cent and 1 per cent, respectively.

The VN30 Index gained 0.7 per cent to stand at 488.82 points.

Tan Tao Industry Investment Corporation (ITA), with a volume of 1.6 million shares, became the most-active code on the HCM City's exchange yesterday, leaping 3.13 per cent to end the day at VND6,600 per share.

On the Ha Noi Stock Exchange, the HNX-Index also rose by over 2.5 per cent to finish yesterday at 69.81 points. Trading improved with market volume jumping nearly 58 per cent to 39.4 million shares, while the value of trades rose 49 per cent to VND336.4 billion ($16 million).

VNDirect Securities (VND), PetroVietnam Construction (PVX) and Habubank (HBB) all hit their ceiling prices. VND was also the most heavily-traded share yesterday with nearly 6.4 million changing hands before it closed at its ceiling price of VND9,900.

After a period of strong declines, weak stocks have been washed out and the bottom-feeding was increasing, Bao Viet Securities Co's analyst Nguyen Xuan Binh wrote in a research note.

"Our technical analysis shows that the market could possibly recover in the next one or two sessions," Binh said.

Foreign investors were net buyers on both exchanges yesterday, picking up shares worth a combined VND10 billion ($476,000). — VNS

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