Shares enjoy modest rebound

Shares enjoy modest rebound

Shares rebounded slightly in yesterday's session on the HCM City Stock Exchange. The VN-Index gained 0.5 per cent to 500.62 points.

According to vietstock.vn analysts, the index was testing July's peak of 500-505 points when it reached the level on Wednesday.

Despite an increase in trading value, liquidity was still low at just VND565.6 billion (US$26.6 million) and 28.1 million shares.

The VN30, composed of the exchange's top 30 shares, rose 0.4 per cent to 552.27 points. Blue chips were mixed, with 10 rising, nine retreating and 11 closing the day unchanged.

PetroVietnam Drilling Services Co (PVD) was the most notable stock during yesterday's trading, putting on 5.8 per cent. This stock has been growing quite strongly for the past month.

In the first six months of this year, the company achieved VND865 billion ($40.8 million) in net profit, jumping 41.2 per cent over the same period last year and completing 68.6 per cent of the year's target.

By the end of the second quarter, the company's cash reached VND2.3 trillion ($108.4 million), more than doubling the figure at the beginning of this year.

On the Ha Noi Stock Exchange, the HNX-Index failed to retain earlier gains to slide nearly 0.2 per cent, reaching 61.70 points.

Blue chips dragged the HNX30 down 0.35 per cent to 114.19 points.

With around 17.9 million shares changing hands, trading value totaled VND167.3 billion ($7.8 million).

Kim Long Securities Co (KLS) was the most active stock with more than 4.4 million shares changing hands and rising 2.5 per cent.

As the northern market was still declining plus low liquidity, ACB Securities analyst Hoang Huy predicted a high possibility of a downtrend. "If shares can increase, the rally is not sustainable because trading value cannot improve."

Short-term investors could buy some shares that had been declining but limit the volumes, Huy said. 

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