Market up after Wednesday's panic selling
Market up after Wednesday's panic selling
Shares yesterday rebounded from the biggest ever retreat that occurred at the previous session.
On HCM City Stock Exchange, the VN-Index recovered from a four-month low, adding 15.37 points or as much as 2.92 per cent to end at 542.46 points yesterday.
After suffering from heavy sell-off on Wednesday's panic trading over fears of East Sea tension, with most of blue chips declining to their floor prices, the VN-Index, tracking the southern city's 30 largest shares by capitalisation and liquidity, advanced 2.19 per cent to end at 587.91 points.
Among large-cap stocks, gainers overwhelmed losers by 23–3. The green replaced the red on the billboard with 163 advancers, nearly doubling losers, which numbered 82.
Large gains came from Vinamilk (VNM), Bao Viet Holdings (BVH), Da Nang Rubber Corporation (DRC) and Masan Group (MSN) as well as from Kinh Do Corporation (KDC). Pha Lai Thermoelectric Company (PPC) rose by 6.8 per cent to a ceiling of VND20,300 (US$0.9) a share.
However, the HCM City Infrastructure Investment Corporation (CII) slid 6.6 per cent yesterday, falling to its floor price for three consecutive sessions.
Sellers were less anxious due to efforts by the State Securities Commission to calm the market, according to FPT Securities. The market liquidity failed to make a breakthrough as the bottom-fishing capitals were hesitant, however.
On the southern bourse, the trading volume and value decreased by 19 per cent and 40 per cent, respectively, over the previous trading to 118.8 million shares and VND1.71 trillion ($81.4 million).
FLC Group (FLC) was in the lead by trading volume on the southern bourse with significantly 21 million shares changing hands.
On Ha Noi Exchange, the HNX-Index strongly rebounded 3.54 per cent to end at 74.19 points, while the HNXFF-Index, composed of stocks with minimum free float rate of 5 per cent, ended up 3.37 per cent to 74.82 points.
Large-cap stocks posted large gains with the HNX30 Index adding 4.28 per cent to finish at 144.71 points.
On the capital city's bourse, gainers outnumbered losers by 182–54.
The trading volume and value declined over the previous trading, with 65 million shares traded worth VND568 billion ($27 million).
After purchasing a net $13.36 million shares on both bourses yesterday, taking advantage of the market retreat to boost holdings, foreign investors continued yesterday as net buyers but with a lower net value of VND143.67 billion ($6.8 million).
Large-cap stocks such as PetroVietnam Gas Corporation (GAS), Masan Group (MSN) and Vingroup (VIC) were heavily traded by foreign investors.
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