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Shares bounce back with strong gains

Thursday, April 24, 2014
Shares recovered beyond expectations yesterday after registering a fall in seven out of the eight previous trading sessions, thereby surpassing forecasts of even the most optimistic analysts.

On the HCM City Stock Exchange, the VN-Index added 11.73 points, or as much as 2.1 per cent, to finish at 569.87 points, the highest recorded level during the day's trading session.

On the HCM City Stock Exchange, the VN-Index added 11.73 points, or as much as 2.1 per cent, to finish at 569.87 points, the highest recorded level during the day's trading session

Huge gains were registered in large-cap stocks, as investors injected money, thereby helping the market to reverse the downward trend to close higher.

The VN30-Index, tracking the southern exchange's largest stocks by capitalisation and liquidity, added 17.21 points, or 2.8 per cent higher, to finish the day at 630.88 points.

According to FPT Securities, it was forecast that the market will continue to advance, as many investors believed that the VN-Index had fallen to reach its bottommost level and was now on its course to recovery.

This trend was reflected through the low level of trading volume and value, as investors were not keen on selling stocks yesterday and were waiting for profit-booking in the near future.

Only more than 99 million shares worth VND1.6 trillion (US$76.1 million) changed hands.

The billboard was predominantly green with 187 codes finishing higher, while 51 codes recorded a fall.

Among blue chips, only Kinh Do Corporation (KDC) lost value yesterday, seen sliding 0.9 per cent to VND53,000 ($2.5) per share.

Eximbank (EIB) and PetroVietnam Low Pressure Gas Distribution (PGD) closed flat.

Four blue chips advanced to reach their ceiling prices yesterday.

Hoa Phat Group (HPG) rose by 6.7 per cent to VND55,000 ($0.26) per share on the news of good business results during the first quarter of this year.

Tan Tao Group (ITA), not only added 6 per cent to the ceiling price of VND8,800 ($0.4) per share, but also lead by trading volume, as its 7.1 million shares changed hands.

The other gainers were Becamex IJC (IJC) and Ocean Group (OCG), registered gains of 6.7 per cent and 6.5 per cent, respectively.

Stocks of the securities sector were also active yesterday with HCM Securities (HCM) gaining 6.8 per cent to reach its ceiling price of VND34,400 ($1.6), Saigon Securities (SSI) rising 6.6 per cent and Agribank Securities adding 5.1 per cent. Many small-cap stocks also reached their ceiling prices yesterday. Over all, on the southern bourse, 47 codes closed at their ceiling prices.

On the Ha Noi Stock Exchange, the HNX-Index added 2.52 per cent to end at 80.86 points. The HNXFF-Index, composed of stocks with minimum free float rate of 5 per cent, climbed to reach 82.03 points, 3.06 per cent higher.

Blue chips strongly advanced yesterday on the northern bourse with the HNX30-Index adding 7.51 points, or 4.8 per cent, to end at 164.04 points.

Over all, gainers overwhelmed losers by 171-41. With 65 million shares traded, the trading value reached VND657.7 billion ($31.3 million).

Despite the gains registered yesterday, FPT Securities warned investors to be cautious and closely track the market fluctuations and activities of foreign investors, as the market lacked supportive information to ensure a stable upward trend.

Foreign investors remained net buyers yesterday with net volume and value of 3.3 million shares and VND87.48 billion ($4.1 million), 54.53 per cent and 38.6 per cent lower than the previous session
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