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VietNamNews

Markets recover as blue chips rally

Update: May, 20/2015 - 08:47

Investors trace market fluctuations at the Hoang Gia stock trading floor in Ha Noi. — VNS Photo Truong Vi

HA NOI (VNS) — A blue-chip recovery lifted the markets yesterday, but liquidity continued to drain.

On the HCM City Stock Exchange, the VN-Index recouped 1.49 per cent after a hard fall on Monday, closing the session at 536.82 points.

PV Gas (GAS), the biggest stock in terms of market capitalization, soared 5.2 per cent while other large caps like Vietcombank (VCB), Vietinbank (CTG), FPT Corp (FPT), Hoang Anh Gia Lai Co (HAG) and Phu My Fertiliser (DPM) increased between 0.8-2.4 per cent.

The VN30, which tracks the top 30 shares by market value and liquidity, was up 0.64 per cent to end at 556.44 points.

Share prices became cheaper after a prolonged downtrend, but fears of a bull trap accompanied with slow trades impeded traders from investing strongly.

"The rally will need more tests as investors' sentiment remains volatile while negative news looms large," analysts of FPT Securities Co wrote on their website yesterday.

The market volume went down 11 per cent from Monday, totalling nearly 94 million shares, while value of trades dropped 14 per cent to reach VND1.34 trillion (US$61.8 million).

Ocean Group (OGC) led trades with nearly 7 million shares exchanged, but its prices dived 3.9 per cent to settle yesterday at VND2,500 a share. FLC Group (FLC) came second with trades of more than 6 million shares, climbing 3.3 per cent to end at VND9,400 each.

On the Ha Noi Stock Exchange, the HNX-Index rallied from 11-month low, rising 1.22 per cent to finish yesterday at 77.44 points.

The market condition was positive as the number of gainers more than doubled losers.

Speculative stocks also attracted traders as the HNX30, which tracks the top 30 shares by liquidity, also added 1.45 per cent to conclude at 144.58 points.

The trading volume decreased slightly to just 39 million shares worth nearly VND435 billion ($20 million).

KLF Joint Venture Global Investment Co (KLF) was the most active stock with 5.1 million shares traded, rising 3.1 per cent to close at VND6,600 a share.

Foreign investors remained net buyers in the two markets, picking up combined shares worth more than VND131 billion ($6 million). — VNS



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