HCMC – The local market suddenly rallied to over the 450-point level on Tuesday after two successive falling sessions. The VN-Index gained 5.13 points, or 1.15%, from the previous day to close at 450.96.
Liquidity, however, fell back sharply with 33.2 million shares worth VND839 billion traded, plunging by 33.7% and 31% against a day earlier respectively. Investors on the southern bourse bid for nearly 72 million shares, rising by 7.5% from the previous session, while they offered 54.3 million shares, a 34.4% decrease.
The market opened lower and hit a low of 440.63 in the second matching phase before a rebound. It enjoyed a late surge which included a four point jump at the close to end the day at the highs.
The market saw 131 stocks rising and 72 others closing down, of which 11 stocks went to the ceiling prices and seven others plunged to the floor prices.
Ocean Group Co. (OGC) once again was the most actively traded stock, rising 2.3% to VND30,800 per share with 1.6 million shares traded. Sacombank (STB) still stood at the second position, closing flat at VND16,800 on the volume of 1.4 million shares.
Foreigners remained strong net buyers as they bought 5.8 million shares worth VND220 billion and offloaded 1.9 million shares worth VND78.8 billion. They accounted for 26.2% and 9.3% of the market’s buying and selling value respectively.
The Hanoi market also recovered after a four-session losing streak while turnover fell to VND720 billion. The HNX-Index rose 1.1 points, or 0.91%, from the previous session to 122.02.
There were 171 stocks advancing and 96 others losing, of which 32 stocks closed the day at the ceiling prices and nine stocks dropped to the floor prices. Foreigners were net buyers again to the tune of VND7 billion worth of shares.
Fiachra Mac Cana, managing director of HCMC Securities Corp., said both markets rebounded in late trading after a weak start but volumes were lower. The late bounce was at least partly down to technical trading in the southern bourse and therefore perhaps less than convincing.
“Even so we are happy to see some buying support above the critical 118-point level on the HNX-Index. Market breadth widened somewhat, while foreigners were very active buyers again on Wednesday,” he said.
“While we think the late rebound was encouraging with volumes fairly low and market bids and offer levels trailing below recent averages it lacks conviction. Therefore, the market is still likely to test lower short term in our opinion. We keep our investment stance that medium to long-term players can continue to buy in gradually,” Mac Cana added.
Vietnam International Securities Co. (VIS) said the market would check the 450-point level for several times before a clearer tendency got visible. “The market may not see a strong decline as stock prices had suffered enough impacts of bad news. The market will see another rising session on Thursday,” VIS said.
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