Rally takes investors by surprise
The VN-Index ended its downward spiral on August 4, gaining 1.17 percent to close at 396.05 points.
The VN-Index ended its downward spiral on August 4, gaining 1.17 percent to close at 396.05 points.
Of the 284 codes listed on the HCM Stock Exchange, 211 managed gains and nearly half of those hit their ceiling prices.
The value of trades improved significantly to over 1.8 trillion VND (87.4 million USD), a four-fold increase over August 3's figure. Volume also skyrocketed to 102.6 million shares.
While many analysts wrote that August 4's rally was due to a flood in demand for low-priced shares, Hoa Binh Securities Co analyst Nguyen Phuc Thinh said, "Great demand has yet to focus on healthy shares was due to the fear of economic upheavals. Even though around 360 shares have plunged below face value, many investors are still attracted by other shares."
The recovery on August 4 followed a slight rally on the Hanoi Stock Exchange a day earlier, Thinh said, and he warned investors of a possible bull-trap.
The total value of trades through this method in HCM City was 1.5 trillion VND (72.8 million USD), mainly attributable to Sacombank (STB). Over 74 million STB shares were bought through negotiation, totalling 1.2 trillion VND (58.3 million USD).
Notably, there were two sell orders of 44.1 million and 17 million shares, the exact amounts of STB shares that the Dragon Capital fund had registered to sell. These transactions were carried out at the ceiling price of 16,000 VND, although STB then closed down 0.7 percent on the day. And, while Dragon Capital registered to sell more than 61 million STB shares, a number of investors related to other STB shareholders had registered to buy nearly 52 million.
Other blue chips performed well, with five of the 10 leading shares by capitalisation climbing between 0.3-2.1 percent and insurer Bao Viet Holdings (BVH) and PetroVietnam Finance (PVF) hitting their ceiling prices.
On the Hanoi Stock Exchange, the HNX-Index jumped more than 2 percent to conclude the day at 68.83 points. The value of trades rose by 43 percent over the previous session to 279.4 billion VND (13.6 million USD) on a volume of 29.6 million shares. Gainers outnumbered losers by 241-40. /.
Of the 284 codes listed on the HCM Stock Exchange, 211 managed gains and nearly half of those hit their ceiling prices.
The value of trades improved significantly to over 1.8 trillion VND (87.4 million USD), a four-fold increase over August 3's figure. Volume also skyrocketed to 102.6 million shares.
While many analysts wrote that August 4's rally was due to a flood in demand for low-priced shares, Hoa Binh Securities Co analyst Nguyen Phuc Thinh said, "Great demand has yet to focus on healthy shares was due to the fear of economic upheavals. Even though around 360 shares have plunged below face value, many investors are still attracted by other shares."
The recovery on August 4 followed a slight rally on the Hanoi Stock Exchange a day earlier, Thinh said, and he warned investors of a possible bull-trap.
The total value of trades through this method in HCM City was 1.5 trillion VND (72.8 million USD), mainly attributable to Sacombank (STB). Over 74 million STB shares were bought through negotiation, totalling 1.2 trillion VND (58.3 million USD).
Notably, there were two sell orders of 44.1 million and 17 million shares, the exact amounts of STB shares that the Dragon Capital fund had registered to sell. These transactions were carried out at the ceiling price of 16,000 VND, although STB then closed down 0.7 percent on the day. And, while Dragon Capital registered to sell more than 61 million STB shares, a number of investors related to other STB shareholders had registered to buy nearly 52 million.
Other blue chips performed well, with five of the 10 leading shares by capitalisation climbing between 0.3-2.1 percent and insurer Bao Viet Holdings (BVH) and PetroVietnam Finance (PVF) hitting their ceiling prices.
On the Hanoi Stock Exchange, the HNX-Index jumped more than 2 percent to conclude the day at 68.83 points. The value of trades rose by 43 percent over the previous session to 279.4 billion VND (13.6 million USD) on a volume of 29.6 million shares. Gainers outnumbered losers by 241-40. /.
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