Tuesday, September 26 2017

VietNamNews

Shares bounce back after falling to seven-month low

Update: December, 19/2014 - 07:46

On the HCM City Stock Exchange, the VN-Index jumped 1.97 per cent to reach 528.45 points. — Photo baodautu

HA NOI (VNS) — National stocks rallied yesterday after plummeting for two sessions to a record seven-month low.

On the HCM City Stock Exchange, the VN-Index jumped 1.97 per cent to reach 528.45 points.

However, transaction value was lower than yesterday's level by 33 per cent at VND2 trillion (US$93.9 million) on a volume of 113.3 million shares.

The VN30 Index, comprising the city's 30 largest stocks in terms of capitalisation and liquidity, added 1.6 per cent to 578.88 points. Only insurer Bao Viet (BVH), Da Nang Rubber (DRC) and Sacombank (STB) lost ground, while PetroVietnam Drilling Services (PVD) and property developer FLC Group (FLC) hit their ceiling prices.

FLC, along with Quang Nam Rubber (VHG) and Thong Nhat Production and Investment (GTN), were favoured, with millions of buying surplus shares.

Meanwhile, keeping company to PVD was PetroVietnam Gas (GAS), which also greatly impacted the market. Contrary to previous sessions when oil and gas stocks pushed the market down, the reverse happened yesterday.

On the Ha Noi Stock Exchange, the HNX-Index climbed nearly 2.6 per cent to close at 82.70 points.

The HNX30 Index, representing the performance of the bourse's top 30 blue chips, increased 2.9 per cent, reaching 161.65 points.

Trading value and volume reached VND781.8 billion ($36.7 million) and 60.56 million shares.

While securities' analysts predicted that at the end of the year, inflation would go slow down and the economy in general would grow, most believed tha such supportive information had little effect on trading. Meanwhile, currently, the most influential factor was investor sentiment.

As forecast by FPT Securities Company, the VN-Index might rally to around 534 points. — VNS

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