Market sees impressive rebound

14-Sep-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Tens of bluechips on the southern and northern bourses made a substantial advance, contributing to the recovery of the local stock market, with VN Index on the Hochiminh Stock Exchange closing today, September 12, at the intraday high of over 975 points.

In the VN30 basket, up to 22 stocks inched up while only four stocks suffered losses. Similarly, among the top 30 large caps, as many as 20 stocks moved up and a mere six stocks slid. The simultaneous rise of the large caps buoyed the recovery of the VN Index.

The national flag carrier’s stock HVN and technology firm FPT staged the best performance as they both gained over 4 percent. Also, insurer BVH, low-cost airline VJC, and steelmaker HPG rose over 2 percent, while bank stocks increased by almost 2 percent.

Alongside bank stocks, strong cash flow was also channeled into HPG and FPT, with matching volume of 5.56 million shares and 3.79 million shares, respectively.

Notably, foreign investors strongly picked HPG shares as they net bought almost 2.7 million shares of the steelmaker today. It is noted that they had been active in the selling side for HPG stock in five consecutive days from September 3 to 9 and suddenly switched to the buying side for the stock yesterday. There is a possibility that an organisation or a fund is collecting HPG shares and they will maintain the active buying in the next sessions, reported news site Vietstock.vn.

For speculative stocks, real estate stocks such as DXG, HBC, FLC, KBC all rose in volume and value.

Among decliners, FTM of Duc Quan Investment and Development JSC recorded a 20-day losing streak, slipping to VND5,690 per share.

Overall, the VN Index on the southern bourse made a sharp turnaround. However, the downside is that cautious investor sentiment had resulted in slow-moving trading with declining liquidity.

At the close, the benchmark index added 6.76 points, or 0.7 percent, against the day earlier to close at 976.7, with up to 200 advancers against 106 decliners. Market turnover fell 9 percent in volume and 14 percent in value to 141.3 million shares worth over VND3.2 trillion changing hands.

On the Hanoi Stock Exchange, HNX-Index rose 0.94 point, or 0.94 percent, versus the previous day to 101.11, seeing 73 winners and 60 losers. Notably, block deals accounted for VND438 billion of the northern bourse’s total value of VND481 billion.

https://english.thesaigontimes.vn/71296/market-sees-impressive-rebound.html

 


Category: Stocks, Vietnam

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