Shares recover from two-day fall

Shares recover from two-day fall

Stocks recovered August 29 on both exchanges after two consecutive falling sessions but trading remained sluggish.

Source: VietstockFinance

On the HCM City Stock Exchange, the VN-Index regained 1.89 per cent to close at 393.06 points on a total turnover of VND582.4 billion (US$27.7 million).

Advancers outnumbered decliners by 206-36, led by blue chips.

Phu My Fertiliser (DPM), steelmaker Hoa Phat Group (HPG), Tan Tao Investment Industry (ITA) and logistic Gemadept (GMD) all rose to the ceiling while insurer Bao Viet Holdings (BVH), dairy giant Vinamilk (VNM) and Vietcombank (VCB) also increased from 1-3.5 per cent.

However, Sacombank (STB) and Eximbank (EIB) continued to decline, with the latter being the most active code on trades of almost 3 million shares, shedding 1.24 per cent to VND15,900 ($0.75) a share.

The VN30 tracking the top 30 shares on the southern bourse was up 1.22 per cent overall to reach 459.64 points.

Meanwhile, the HNX-Index on the Ha Noi Stock Exchange grew by a more substantial 3.6 per cent to finish at 61.88 points, with gainers overwhelming losers by 214-38.

The HNX30 also increase 4.71 per cent to stand at 117.62 points.

More than 33 million shares, worth nearly VND298.5 billion ($14.2 million), changed hands yesterday, with VNDirect Securities (VND) being the most active code on trades of 4.8 million shares. VND closed up 6.25 per cent to end atVND10,200 a share.

Investors seemed to calm down after chairman of Masan Group (MSN), who was rumoured to be detained following the arrests of the two former executives of Asia Commercial Bank (ACB), appeared in Viet Nam.

"They seemed to realise that they had over-reacted to inaccurate information and they yesterday rushed to pick up shares they shrugged off in the past days," analysts of FPT Securities Co wrote in a note.

"The market was also buoyed as bottom buying started late Tuesday when traders saw valuations were attractive to buy although local gasoline traders raised retail prices for the fourth time," they said.

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