After four consecutive falling sessions, the local market staged a slight rebound on Thursday as investor demand picked up, with the VN Index gaining 1.89 points, or 0.46 percent, from a day earlier to close at 414.8.
The market opened in the black and climbed further to reach the daily high of 416.63 rather quickly before falling back again and touching Wednesday’s close at the end of the morning session. In the afternoon, it saw a slight climb before fluctuating about two points above the line until the close.
Liquidity, however, remained disappointing as there were only 30.8 million shares worth VND416 billion traded on the Hochiminh Stock Exchange, slumping 29 percent and 41 percent from a day earlier respectively. The put-through market was quiet with no large transactions seen.
There were 154 stocks gaining and 95 others losing, with 34 stocks hitting the ceiling prices and 22 stocks plunging to the floor prices. Blue-chips were mixed to positive with gainers led by GAS, STB and PVF while BVH and PHR suffered losses.
Tan Tao Investment Industry Corporation (ITA) again led the market in terms of volume with 3.1 million shares changing hands while Saigon Securities Inc. (SSI) was the value leader with VND22 billion.
Foreign investors’ participation collapsed as they turned active net sellers, making up 2.8 percent and 10.1 percent of the market’s buying and selling value respectively.
The Hanoi market recovered some ground with turnover a bit higher at VND360 billion. The HNX-Index rose 0.41 point, or 0.59 percent, against the previous session and ended the day at 70.09.
Up to 155 stocks rose while 70 others declined. There were 32 of them surging to the ceiling prices and 30 others dropping to the floor prices. VND was the most liquid stock with around four million shares worth VND44 billion traded.
According to HCM City Securities Corp. (HSC), the markets made some gains but in very low volumes, suggesting that sellers were done for now but that buyers were not yet convinced enough to move back in. High-beta issues, however, having corrected until Tuesday did recover some further ground with some activity here possibly related to technical trading.
Sentiment overall seems fairly calm although the market lacks a fundamental theme to move substantially higher yet. At the same time, well-known support lines look very firm and sellers lack confidence to test them, suggesting that the risk is more on the upside for the time being, HSC said.
Viet Capital Securities Co. said demand has turned positive on both exchanges with 20 million unmatched bids on the southern bourse and 4.4 million shares on the northern bourse.
“It certainly looks as though buyers were placing orders but not bidding up prices. Of course, we think it’s too early to call a reversal but it also wouldn’t hurt to start accumulating again either,” the broker said.