Bourses finally bounce back
Bourses finally bounce back
Shares made gains on the HCM City Stock Exchange November 30, swinging back to success after six-straight sessions of decline.
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| Source: VietstockFinance |
The VN-Index was up 0.64 per cent to close at 378.20 points, but the value of trades was just 40 per cent of Wednesday's level, totalling VND231.6 billion (US$11.1 million).
"The rally seemed to be technical rather than reflecting improvements based on economic and corporate data," stock analysts of FPT Securities Co wrote in a report yesterday.
They said investors continued to turn their backs on equity assets amid a dismal outlook, demonstrated by the very weak buying power despite share prices dropping considerably in recent months.
Most blue chips recovered slightly yesterday, helping to lift the Index. Heavy-weight shares such as dairy giant Vinamilk (VNM), food processor Masan Group (MSN), property developer VinGroup (VIC) and Vietcombank (VCB) all posted gains ranging from 0.7-2.2 per cent.
The VN30, tracking the top 30 shares, closed in the green with a 0.63 per cent rise, taking it to 444.27 points.
Trading remained sluggish overall, however, with Saigon Securities Inc (SSI) being the most active code with total trades of nearly 700,000 shares. SSI closed 1.42 per cent up at VND14,300 a share.
Truong Thanh Furniture Corp (TTF) closely followed with 582,000 shares changing hands, closing at the ceiling price of VND4,300 a share.
On the Ha Noi Stock Exchange, the HNX-Index also crept up 0.2 per cent to 51.10 points, but trading value remained pitiful at just VND86.35 billion ($4.1 million).
Sai Gon-Ha Noi Bank (SHB) was again the most active code with 2.39 million shares exchanged, closing flat for the fourth day straight at VND4,800 a share.
"In the short term, the stock market does not have many incentives to gear up. Market risks will reduce slowly and after a long time they will accumulate enough to have a positive impact on the market," said Tong Minh Tuan, head of the BIDV Securities Co's Analysis Department.
Tuan said investor pessimism, low cashflows and weak business results for leading companies continue to drive the market down in the short term.
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