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VietNamNews

Stocks rally from precipitous drop

Update: September, 11/2014 - 08:38
The VN-Index on the HCM City Stock Exchange managed to add 0.3 per cent to close at 628.80 points.— Photo kinhte247

HA NOI (VNS)  — After tumbling on a large scale on Tueday, Viet Nam's stock market revived yesterday.

The VN-Index on the HCM City Stock Exchange managed to add 0.3 per cent to close at 628.80 points. Trading value declined by half compared with that of Tuesday's session to reach VND2.45 trillion (US$115.5 million) on a volume of 114.6 million shares.

The VN30 Index also pared earlier losses to rise by 0.27 per cent, ending at 666.42 points. Among the 30 blue chips tracked by the index, exactly 15 posted gains while eight tumbled.

Realty stocks Tan Tao (ITA) and FLC Group (FLC) were the most actively traded, with 14.2 million ITA and 12.5 million FLC units changing hands.

On the Ha Noi Stock Exchange, the HNX-Index reversed Tuesday's losses and gained 1.69 per cent to stand at 87.86 points. Transaction value reached VND1.13 trillion ($53.3 million) and volume reached nearly 86 million shares.

The HNX30 Index, tracking the bourse's leading shares in terms of capitalisation and liquidity, also rose by two per cent to finish at 180.29 points.

PetroVietnam Construction (PVX) was the most active stock with 15.7 million shares traded, in spite of its loss of VND44 billion ($2 million) in the first half which an audit has exposed.

Contrary to what happened in the previous session, domestic speculators took advantage of low prices to buy shares while foreign investors sold a net of VND143.5 billion ($6.7 million).

Shares most unloaded included property developers Kinh Bac (KBC) and ITA, Kinh Do Confectionery (KDC), Sai Gon Securities Inc (SSI) and PetroVietnam General Services (PET), as well as PetroVietnam Technical Services (PVS) and Lam Thao Fertilisers and Chemicals (LAS).

Last Tuesday, BIDV Securities Company analysts predicted that if Wednesday's trading continued to decline, the situation would get significantly worse.

"Luckily, it did not happen, indicating that the slump was just a technical correction," they wrote in a note. However, investors were urged to remain vigilant, as the market might decrease further in the short term to form a new price base. — VNS


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