Bargain hunters push index up
Shares rose across the board on Aug. 17 on both national stock
exchanges, while investors on the hunt for bargain stocks also sent
market volumes and values higher.
Shares rose across the board on Aug. 17 on both national stock
exchanges, while investors on the hunt for bargain stocks also sent
market volumes and values higher.
"A rising wave came suddenly and surprised many investors in the first half of the session, causing them to rush to buy shares near ceiling prices in the latter half of the session for fear of missing the opportunity to buy cheap shares," said independent analyst Nguyen Viet Hung.
Hung warned, however, that on Aug. 17's surge could be a bull-trap. Without supporting news to sustain a rally, there was little basis to expect a solid recovery, he said.
On the HCM Stock Exchange on Aug. 17, the VN-Index gained over 1.8 percent to close at 393.46 points. The value of trades soared from Aug. 16's level of just 299 billion VND (14.4 million USD) to 805.5 billion VND (38.7 million USD) on Aug. 17, while market volume doubled to 39.3 million shares.
Advancers outpaced decliners by 198-40, with 70 shares hitting their ceiling prices for the day, including such blue chips as insurer Bao Viet Holdings (BVH), property developer Hoang Anh Gia Lai (HAG), PetroVietnam Finance (PVF) and Saigon Securities Inc (SSI), which was the most-active share on the day with over 2.7 million traded. Among the 10 leading shares by capitalisation, only food producer Masan Group (MSN) closed down.
On the Hanoi Stock Exchange, the HNX-Index ended on Aug. 17's session up 2.4 percent to 67.41 points. Value and volume both tripled the previous day's totals, reaching 480 billion VND (23.1 million USD) on a volume of around 50 million shares.
Kim Long Securities (KLS) was still the favoured share of speculators, racking up a volume of 7.9 million shares on Aug. 17 and climbing by 4 percent to a close of 10,300 VND per share.
Foreign investors remained pessimistic about the market, concluding on Aug. 17 as net sellers again in the HCM City bourse by a net of about 21 billion VND (1 million USD). They were net buyers on the Hanoi bourse, but by a modest net of just 675.5 million VND (32,500 USD) worth of shares./.
"A rising wave came suddenly and surprised many investors in the first half of the session, causing them to rush to buy shares near ceiling prices in the latter half of the session for fear of missing the opportunity to buy cheap shares," said independent analyst Nguyen Viet Hung.
Hung warned, however, that on Aug. 17's surge could be a bull-trap. Without supporting news to sustain a rally, there was little basis to expect a solid recovery, he said.
On the HCM Stock Exchange on Aug. 17, the VN-Index gained over 1.8 percent to close at 393.46 points. The value of trades soared from Aug. 16's level of just 299 billion VND (14.4 million USD) to 805.5 billion VND (38.7 million USD) on Aug. 17, while market volume doubled to 39.3 million shares.
Advancers outpaced decliners by 198-40, with 70 shares hitting their ceiling prices for the day, including such blue chips as insurer Bao Viet Holdings (BVH), property developer Hoang Anh Gia Lai (HAG), PetroVietnam Finance (PVF) and Saigon Securities Inc (SSI), which was the most-active share on the day with over 2.7 million traded. Among the 10 leading shares by capitalisation, only food producer Masan Group (MSN) closed down.
On the Hanoi Stock Exchange, the HNX-Index ended on Aug. 17's session up 2.4 percent to 67.41 points. Value and volume both tripled the previous day's totals, reaching 480 billion VND (23.1 million USD) on a volume of around 50 million shares.
Kim Long Securities (KLS) was still the favoured share of speculators, racking up a volume of 7.9 million shares on Aug. 17 and climbing by 4 percent to a close of 10,300 VND per share.
Foreign investors remained pessimistic about the market, concluding on Aug. 17 as net sellers again in the HCM City bourse by a net of about 21 billion VND (1 million USD). They were net buyers on the Hanoi bourse, but by a modest net of just 675.5 million VND (32,500 USD) worth of shares./.
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