Investors snap up bargain shares
"There wasn't any news today, so we were
surprised by such a happy session," said Nguyen Thanh Binh, head of
research for a Hanoi-based securities company, suggesting that investors
had reacted to exceedingly low share prices with an explosion in
demand.
A group of penny stocks and mid-cap shares
performed particularly strongly during the session, Binh said, noting
that stocks that recovered most strongly on March 10 were those which
had hit bottom in the five prior sessions.
Half of the 233
gainers on March 10 saw prices hit the ceiling, including insurer Bao
Viet Holdings (BVH), up 4.8 percent; Tu Liem Urban Development Co (NTL),
up 4.5 percent; resort developer Vinpearl Land (VPL), up 4.4 percent;
and PetroVietnam Drilling (PVD), up 3.8 percent.
Shares in
securities companies Saigon Securities Inc (SSI) and HCM City
Securities (HCM) also recovered strongly, while banking shares gained by
an average of 1.3 percent over the previous day's session.
On the Hanoi Stock Exchange on March 10, the HNX-Index rose by an even
more substantial 4.36 percent to close at 92.31 points. However, volume
remained low at 32.1 million shares, worth a total of 464.4 billion VND
(21.6 million USD).
Out of 266 gainers on the northern
market, 90 hit their ceiling prices, including Bao Viet Securities
(BVS), up 5.6 percent; Kim Long Securities (KLS), up 5.4 percent; APEC
Securities (APS), up 5.3 percent; and VNDirect Securities (VND), up 5.2
percent.
Foreign investors contributed subsantially to on
March 10's rally. They bought up over 124 billion VND (57 million USD)
in shares, focusing buys on blue chips such as VietinBank (CTG), PVD,
Phu My Fertilisers (DPM) and BVH./.