Vietnamese stocks closed up on Wednesday as investors continued to pick up stocks on hopes of a sustainable rally with support from government policy.
The benchmark VN Index added 7.22 points or 1.55 percent to 472.87, this was the 11 month high close. Volume eased 0.3 percent to 88.1 million shares worth of VND1.3 trillion. Put-through trading contributed 4.3 million shares worth VND81.67 billion. We saw 1 million ITA shares changed hands at the floor price of VND9,000 each, versus the market close price of VND9,600 each.
Market breath widened with 226 gainers, 50 losers, 34 unchanged, including 114 ceiling gainers, 9 floor losers.
The VN30 Index was weaker than the broader market with a gain of 7.89 points, or 1.48 percent, to 542.78.
The market opened in the green with 5.7 million shares changed hands. The market was supported with the news that banks are allowed to restructure debt repayment period for existing customers without adjusting loan group. Media also mentioned yesterday the possibility of cutting VAT for enterprises.
Trading was a bit slow at the open but the buying energy rose from 10 a.m and sellers soon postponed offers and raised the prices higher. Selling at high prices were also firm therefore the volume stayed steady.
The market resumed the afternoon session with buying focusing on pennies, ceiling performances were popular. Market breadth widened.
Securities shares caught the market attention. Demand for SBS shares rose suddenly after 4 day fall; SBS opened at the floor prices but soon rose to the ceiling level with 6.8 million shares changed hands. HCM, AGR, BSI were other ceiling performers while SSI closed 1 price line behind the ceiling,
Property stocks continued to be firm. Banking stocks were still lagged behind the market when most of them rose marginally and VCB stayed at the neutral line.
Rubber and mineral shares were solid gainers.
Sacombank Securities (SBS), the most active stock on a trade of 6.9 million shares, surged 4.9 percent to end at VND6,400.
Ocean Group Joint Stock Company (OGC), coming second in liquidity with 3.04 million shares changed hands, leaped 2.45 percent to settle at VND16,700.
Saigon Securities Inc (SSI) soared 4.48 percent to settle at VND23,300 on a trade of 3 million units – the third most active.
On the Hanoi Stock Exchange, the HNX index extended gain, adding 0.98 point or 1.23 percent to 79.55. Trading volume improved 26.9 percent to 85.1 million shares worth VND846.9 billion.
Of note, there was a selling wave in the late trading into heavy-traded stocks such as PVX, VND, VCG, KLS, PVS and their share prices eased in late minutes.
Hanoi-based lender Habubank (HBB), the most active on the measure with 11.1 million shares changed hands, climbed 2.94 percent to end at VND7,000.
PetroVietnam Construction (PVX), coming second in liquidity on a trade of 5.5 million units, leaped 2.59 percent to end at VND11,900 per share.
VNDirect Securities (VND) edged up 0.78 percent to finish at VND13,000 on a trade of 4.6 million shares – the third most active.