Shares rebound after two-day drop

08-Dec-2016 Intellasia | VNA | 1:20 PM Print This Post

Shares rebounded on December 7 on the two exchanges after a two-day decline as investors took advantage of bargains on attractive valuations.

On the Ho Chi Minh Stock Exchange, the VN Index bounced backed after falling below the short-term support level of 650 points in early morning trade, closing up 0.3 percent at 653.5 points.

The gauge decreased by over 2 percent in the last two sessions.

On the Hanoi Stock Exchange, the HNX-Index inched up just 0.1 percent to end at 79.4 points. The Index slipped 2.3 percent in the previous two trades.

Market breadth was neutral with 207 stocks rising, 210 declining and 278 closing flat.

According to analysts at Investment Vietnam Securities Co, the VN Index kept hold of 650 points but the selling pressure was unlikely to stop in the next session.

The VN Index lost a cumulative 4.4 percent in the past month ending December 6 while the HNX-Index slumped 2.2 percent during the same period.

The newly listed brewery giant Sabeco hit the daily limit rise of 7 percent on the HCM City’s bourse for the second time after its debut on December 6, closing at 141,200 VND (6.22 USD) per share.

Habeco, the country’s second biggest local beer producer, also rose 12.4 percent to 116,400 VND a share on the Unlisted Public Company Market (UPCoM).

Many large-cap stocks recovered on December 7 after several consecutive falling sessions and supported the index, including real estate giant VinGroup (VIC), Vietcombank (VCB), insurer Bao Viet Holdings (BVH), Mobile World Group (MWG), steelmaker Hoa Sen Group (HSG) and HCM City Infrastructure Investment Corp (CII), all among the top 30 largest shares by market capitalisation and liquidity on the main bourse in HCM City.

Liquidity increased slightly with nearly 186 million shares worth a total 3.3 trillion VND (145.4 million USD) traded in the two markets, up 6.7 percent in volume and 16.2 percent in value compared to the previous day’s levels.

Foreign moves were mixed. They extended their net selling streak to five days in a row in the HCM City’s market, offloading shares worth a net value of 117 billion VND, down 27 percent from the previous day’s figure.

They were net buyers on the Hanoi’s bourse, picking up shares worth net value of 16.6 billion VND.


Category: Stocks, Vietnam

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