Modest share rally lifts markets

Modest share rally lifts markets

Shares managed to rally towards the end of yesterday's session.

According to ACB Securities Co analyst Hoang Huy, the support levels of 465 points for the VN-Index and 61 points for the HNX-Index reached on Tuesday had stimulated demand for shares.

"Stocks may continue to recover in the near future," Huy said.

However, after the VN-Index plummeted from 518 points in April to the current level, the upward trend was by no means assured.

On the HCM City Stock Exchange today, the VN-Index added 0.1 per cent to close at 473.53 points.

While all of the 30 largest shares tracked by the VN30 tumbled on Tuesday, ten of them managed to rally yesterday, including steelmaker Hoa Sen (HSG) which rose 6.7 per cent, and Eximbank (EIB) that gained 0.7 per cent.

Other blue chips struggled to recover, including Bao Viet (BVH) and Gemadept Logistic (GMD).

The VN30 fell 0.1 per cent to finish at 529.88 points at the end of yesterday's session. Outside the VN30, PetroVietnam Gas (GAS) enjoyed a 3 per cent increase.

Trading value fell slightly to VND1.35 trillion (US$64.2 million) on a volume of 66.67 million shares. The HNX30, representing the performance of Ha Noi's 30 leading blue chips, grew 0.47 per cent to 115.85 points.

On the Ha Noi Stock Exchange, the HNX-Index ended the session up 0.4 per cent at 62.24 points.

Trading value dropped by half compared to Tuesday at VND208.6 billion ($9.9 million) on a volume of around 29 million shares. Financial group FLC (FLC) was the most active code, with 5.3 million shares traded.

Domestic gold price hit lowest for two years, being traded around VND37.15 million ($1,766) per tael for buying and VND37.52 million ($1,784) for selling. (One tael is equivalent to 1.2oz.)

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