Monday, August 21, 2017 - 0:38:24

Shares roar back after opening slump

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The VN-Index slumped at the opening of May 9 session on the HCM Stock Exchange but ended on a high, while shares in Hanoi built on early gains to shrug off last week's pullback.

Although the weak performance of some significant shares sent the VN-Index down to around 470 points early in the session, the Index recovered to close up by about 1 percent to 477.47 points.

The value of trades stood at about half of the previous session level, reaching only 401.5 billion VND (19.1 million USD), on a volume of 19 million shares.

Among the 10 leading shares by capitalisation, insurer Bao Viet Holdings (BVH) recovered from a heavy plunge at the start of the session to close up by 4.7 percent, while food producer Masan Group (MSN) closed up 0.9 percent despite hitting its floor price earlier.

Mid-cap and penny shares massed to support the VN-Index, with financial information site vietstock.vn noting that advancers nearly doubled decliners overall.

On the Hanoi Stock Exchange, the HNX-Index saw ups and downs but concluded the session at 83.28 points, an overall gain of 0.7 percent. Around 30.5 million shares changed hands, worth about 392 billion VND (18.7 million USD), increases of 40 percent in volume and 33 percent in value compared to the previous session on May 6.

"The two bourses revived slightly after tumbling last week, particularly the HNX-Index. However, cash flow into the market remained low and economic factors have not suggested positive changes," said Le Van Thanh Long, an analyst for a HCM City-based securities company.

Foreign investors were net buyers of 17.4 billion VND (829,000 USD) worth of shares in HCM City, doubling May 6 figure. They favoured Saigon Securities Inc (SSI) and Vietinbank (CTG), buying 10.6 billion VND (505,000 USD) and 5 billion VND (238,000 USD) worth of each, respectively.

Net buys in Hanoi were mainly focused on securities shares such as Kim Long Securities Co (KLS), VNDirect (VND) and Bao Viet Securities Co (BVS)./.
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