Business

Markets recover as blue chips rally

A blue-chip recovery lifted the markets on May 19, but liquidity continued to drain.
A blue-chip recovery lifted the markets on May 19, but liquidity continued to drain.

Onthe Hochiminh Stock Exchange, the VN-Index recouped 1.49 percent after ahard fall on the previous session, closing the session at 536.82points.

The VN30, which tracks the top 30 shares by market value and liquidity, was up 0.64 percent to end at 556.44 points.

Shareprices became cheaper after a prolonged downtrend, but fears of a bulltrap accompanied with slow trades impeded traders from investingstrongly.

"The rally will need more tests as investors' sentimentremains volatile while negative news looms large," analysts of FPTSecurities Co wrote on their website on May 19.

The market volumewent down 11 percent from May 18, totalling nearly 94 million shares,while value of trades dropped 14 percent to reach 1.34 trillion VND(61.8 million USD).

On the Hanoi Stock Exchange, the HNX-Index rallied from 11-month low, rising 1.22 percent to finish at 77.44 points.

The market condition was positive as the number of gainers more than doubled losers.

Speculativestocks also attracted traders as the HNX30, which tracks the top 30shares by liquidity, also added 1.45 per cent to conclude at 144.58points.

The trading volume decreased slightly to just 39 million shares worth nearly 435 billion VND (20 million USD).

Foreigninvestors remained net buyers in the two markets, picking up combinedshares worth more than 131 billion VND (6 million USD).-VNA
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