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Shares recover on strong rally

Update: October, 24/2013 - 08:51
Investors watch market fluctuations at IRS Stock Trading floor in Ha Noi. Shares rebounded after Tuesday's decline. — VNA/VNS Photo Tuan Anh

HA NOI (VNS)— Shares rebounded after Tuesday's decline, which was just a technical correction according to Vietcombank Securities Co analyst Tran Minh Hoang.

"As the macro-economy remains stable and foreign investors keep buying, the market's prospects in the medium and long term are positive," he said.

On the HCM City Stock Exchange, the VN-Index ended at 504.05 points, rising 0.7 per cent.

Trading value and volume increased around 24 per cent to VND1.24 trillion (US$58.4 million) and 82.4 million shares.

With help from blue chips, the VN30 added nearly 0.9 per cent to reach 565.28 points.

Among the 30 leading large-cap stocks tracked by the VN30, only HCM City Infrastructure Investment (CII) lost ground.

Meanwhile, insurer Bao Viet Holdings (BVH), logistics companies Gemadept (GMD) and PetroVietnam Transportation (PVT), Pha Lai Thermalpower (PPC) and Vietcombank (VCB) were the top gainers, earning 2.4-4.8 per cent.

Cash was poured into large-cap shares, boosting the market during the entire session, according to analysts for the website stox.vn.

In addition, the financial performance of businesses such as Da Nang Rubber (DRC), PVT, steelmaker Hoa Phat (HPG) and PetroVietnam Low Pressure Gas Distribution (PGD) helped improve investor sentiment.

Hoang suggested investors buy these stocks to generate profit.

On the Ha Noi Stock Exchange, the HNX-Index edged up 0.77 per cent to 62.13 points.

The value of trades totalled VND252 billion ($11.8 million) as around 31 million shares changed hands. The HNX30, representing the performance of Ha Noi's top 30 stocks, rallied by 1.2 per cent to close at 116.35 points.

Foreign investors increased their net buying value to VND149.3 billion ($7 million). — VNS


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