Tuesday, August 22 2017

VietNamNews

Stocks rebound as year comes to close

Update: January, 05/2015 - 08:10

Investors watch market fluctuations at BIDV Securities Co (BSC)'s trading floor. Although shares were traded in only three sessions last week, the market rebounded strongly as 2014 ended. — VNS Photo Truong Vi
HA NOI (VNS) — Although shares were traded in only three sessions last week, the market rebounded strongly as 2014 ended.

While the VN-Index rose by 1.37 percent to 545.63 points on the HCM City Stock Exchange, the HNX-Index on the Ha Noi Stock Exchange rallied by 0.67 per cent, reaching 82.98 points.

Also, blue chips were among the best performing groups, with the VN30 rising 3.3 per cent.

The average trading values and volumes in the HCM City Stock Exchange were VND1.67 trillion (US$78 million) and 104.6 million shares, respectively, while those in the Ha Noi Stock Exchange were VND613.35 billion ($29.3 million) and 53.4 million shares, respectively.

Furthermore, global oil prices plummeting to a six-year low caused sluggish trading in shares of oil and gas companies such as GAS, PVD, PET, PVT and PXS. However, bottom fishing activities last Tuesday triggered the flow of cash and boosted general demand, with money being poured primarily into OGC, HAR, FLC, ITA, KBC, VHG and ASM.

This trend continued on Wednesday, the last trading session of the year, and led to a series of shares reaching their ceiling prices, particularly KLF, HQC, VHG, ITQ, OGC, ASM and HAR. Altogether, 80 stocks hit the daily increase limit.

Of note, only 80 of the 661 listed codes declined.

Moreover, the market's recovery last week reflected the year-end psychology factor. Analysts of FPT Securities alleged that it was an unsubstantial increase and that the market needed to see more improvement in liquidity.

According to Tran Duc Anh from Bao Viet Securities, as the domestic market consistently saw a surge in January in the last four years, the scenario may continue this month, as well. After a short rally, the condition would depend on related information, he said.

Furthermore, foreign investors were net buyers last week by VND302 billion. Their net buying value of the year amounted to more than VND93.7 trillion. In total, the value of transactions carried out by foreign investors last year was some VND150 trillion, according to vietstock.vn.

Holding a large number of influential stocks, trading activities by foreign investors have been creating significant impacts on the Vietnamese stock market. — VNS



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