Investors track stocks at the Hanoi-based MB Securities’ trading floor (Photo: VNA) Hanoi (VNA) - Shares rebounded on the two stock exchanges on September12 after many heavyweight stocks recovered following experts’ predictions of apositive market outlook.
On the HCM Stock Exchange, the VN-Index was up 0.31 percent to close at 799.94points. The benchmark index dropped 0.47 percent on September 11 after hittinga 10-year peak of over 801 points on September 8.
The overall market condition was optimistic, with 158 stocks rising, 98 fallingand 87 ending flat.
Large-cap stocks led the market upturn as 18 of the top 30 largest shares bymarket value and liquidity on the southern exchange (VN30) advanced, while onlynine slumped.
Banks were the main support on September 12. The Big Four (including fourlargest banks by market value and assets) all gained value. Military Bank (MBB)was the biggest gainer with a 2.45 percent growth. The bank’s shares also camesecond in terms of market volume, with 6.4 million shares changed hands.
Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) also rose 0.93 percent, 0.54percent and 1.49 percent, respectively. Smaller banks, such as Vietnam ProsperityBank (VPB) and Eximbank (EIB), rose 0.95 percent and 1.24 percent,respectively.
Blue chips in other sectors, such as steel, retail, insurance and finance alsosupported the market, among them Hoa Phat Group (HPG), Hoa Sen Group (HSG), BaoViet Holdings (BVH), FPT Corp (FPT), Mobile World Group (MWG) and Masan Group(MSN).
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However, some big firms still sank into the red, such as Vinamilk (VNM), FLCFaros Construction (ROS), DHG Pharmaceutical (DHG) and brewer Sabeco (SAB).
Though saying the market rally was mainly driven by a small number of large-capstocks, BIDV Securities Co maintained its view that any correction would beshort term and the money in the market would partly return to fundamentalstocks supported by positive news from the business outlook and in theattractive discounted price range.
Also according to Nguyen The Minh, head of analysis and consultancy forindividual investor at Saigon Securities Co, major stocks which have propped upthe market in the previous rallies, such as Vinamilk, VinGroup, Masan Group, aswell as many real estate stocks, still have optimistic business outlooks andthis will continue supporting the market in the future.
On the Hanoi Stock Exchange, the HNX-Index also increased 0.81 percent to endat 103.72 points.
Liquidity improved slightly compared to September 11, with a total of 195.4million shares worth a combined 4.45 trillion VND (196 million USD) beingtraded in the two markets.-VNA
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