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May 7: Vietnam Stocks Extend Gain on Massive & Aggressive Buying

09-May-2012 Intellasia | StoxPlus | 7:01 AM

Vietnamese stocks continued to soar today as investors rushed to buy shares on expectation of further easing policy after the central bank officially put a cap on interest rate spread for 4 sectors, a VND29 trillion package to support businesses.

The benchmark VN Index rose 9.99 points or 2.09 percent to 486.31, the highest level in 52 weeks. Volume fell 7 percent to 100.5 million shares but the turnover rose 5.4 percent to VND1.8 trillion. Put-through trading contributed 8.5 million shares worth VND210.33 billion.

Of note, 1.8 million DXG shares were changed hands at VND13,100 each, lower than today market floor price; and 1.9 million SEC shares changed hands at VND25,000 each.

The market breadth was broadly positive on the primary bourse where 245 stocks advanced, 38 fell, 26 closed unchanged of which 160 hit the ceiling, 5 limited down.

The VN30 Index lagged behind the broader market, still gained 9.8 points, or 1.81 percent, to 552.3 with 27.7 million shares changed hands for VND630.25 billion.

The market opened in the green with 6.8 million shares changed hands. The trading pace was fast at the beginning of the order matching session as buyers were aggressive. However, profit takers were right there and started to sell into the strength, and the market pared the early gain as steeply as it went up earlier. After 10:00 a.m., the index leveled off till the morning close, blue chips slowed down the market up-move.

Afternoon session resumed with renewed buying interest, pushing the index to close at the new high, the sentiment was bullish and liquidity was good.

In the market today, hot stocks, pennies to blue chips were mostly gainers, ceiling performance was popular.

Sao Mai Construction Corporation (ASM) suddenly became the most active stock on a trade of 6.6 million shares, soared 4.45 percent to end at VND25,800.

Tan Tao Investment – Industry Corporation (ITA), coming second in liquidity with 3 million shares changed hands, shot up 1.1 percent to settle at VND9,200.

Saigon Securities Inc (SSI), the largest stock broker on STC, leaped 4.7 percent to finish at VND24,500 on a trade of 3 million units – the third most active.

On the Hanoi Stock Exchange, the HNX extended gain, adding 2.52 points or 3.1 percent to 83.79. Trading volume eased a bit to 99 million shares worth VND1.1 trillion.

The market breadth was broadly positive on the primary bourse where 295 stocks advanced, 78 fell, 23 closed unchanged of which 208 hit the ceiling, 14 limited down.

PetroVietnam Construction (PVX), the most active on the measure with 7.5 million shares changed hands, rose 4.4 percent to end at VND11,900.

Hanoi-based lender Habubank (HBB), coming second in liquidity on a trade of 6.3 million units, leaped 6.45 percent to end at VND6,600 per share.

VNDirect Securities (VND) soared 6 percent to settle at VND14,300 on a trade of 5 million shares – the third most active.


Category: Stocks

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