Blue chips lead market rebound
Blue chips lead market rebound
A rebound in blue chips led rises on both of the nation's major stock markets yesterday.
On the HCM City Stock Exchange, the VN-Index finished yesterday's session at 503.57 points, an increase of 1.17 per cent over a day earlier.
Up to 25 of the top 30 shares by market capitalisation and liquidity advanced while only one declined, lifting the VN30 up 0.72 per cent at 554.34 points.
PV Gas (GAS) hit a record high price yesterday at VND70,500 (US$3.36) a share, a rise of 3.7 per cent compared to Tuesday's close. Among 1.3 million shares exchanged, foreign investors bought 435,000 shares.
Other large caps including PetroVietnam Drilling and Well Services (PVD), dairy giant Vinamilk (VNM), insurer Bao Viet Holdings (BVH) and property developer Hoang Anh Gia Lai Group (HAG) increased from 1.5-2.6 per cent.
According to many stock analysts, when the market is uncertain, many investors tend to shelter their assets in blue chips that have good fundamentals.
However, total trading volume and value were little changed compared with the previous session, reaching 35.6 million shares and fund certificates worth nearly VND682 billion (US$32.5 million).
Tan Tao Investment Industry Corp (ITA) remained the most active stock by the end of the session on trades of 2.8 million shares, surging 5.56 per cent to end at VND5,700 a share.
On the Ha Noi Stock Exchange, the HNX-Index also gained 1.12 per cent to close at 61.91 points.
While market volume was down slightly at 18 million shares, the value of trades rose by 60 per cent to VND238 billion ($11.3 million).
Shares on the northern bourse nosedived during the past several days and this stimulated investor appetites for cheap stocks.
The shares to receive most attention yesterday included Kim Long Securities Co (KLS), PetroVietnam Construction (PVX) and Sai Gon-Ha Noi Bank (SHB) with each code having more than 2 million shares traded.
PVX gained the most with a rise of 5.13 per cent to VND4,100 while KLS and SHB increased by more than 1 per cent.
The foreign sector continued to be net buyers on both exchanges yesterday with an improved trading of more than VND43 billion ($2 million) worth of shares.
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