Business

Shares climb on bargain hunting

Shares rebounded on May 14 on both stock exchanges, fuelled by speculation that the market would rise in the coming days, after falling to some of the lowest levels on record.
Shares rebounded on May 14 on both stock exchanges, fuelled byspeculation that the market would rise in the coming days, after fallingto some of the lowest levels on record.

The market plunged to afour-month low with many blue chips, including FPT Corp (FPT), Hoang AnhGia Lai Group (HAG) and Saigon Securities Inc (SSI), shedding around 20percent in the first two weeks of May.

Many investors rushed to buy cheap shares, pushing the VN-Index up 3.04 percent to close the May 14 session at 529.53 points.

Onthe Ho Chi Minh Stock Exchange, only one of the top 30 shares by marketvalue and liquidity shed value, while 12 hit the ceiling price with theVN30-Index seen closing 3.88 percent higher at 581.83 points.

Marketvolume increased 10 percent over the previous session, totaling 108.3million shares and fund certificates, worth nearly 1.47 trillion VND(69.7 million USD).

Real estate developer FLC Group (FLC)continued to be the most active code on May 14 with 12 million sharestraded, surging 6.7 percent to end at 8,000 VND a share.

On theHanoi Stock Exchange, the HNX-Index also rose 3.58 percent to stand at71.87 points while the HNX30 jumped 5.24 percent to 139.39 points.

Tradingdeclined from May 13, however, as both market volume and value fell 10percent, totaling nearly 55 million shares worth 425 billion VND (20.1million USD).

Sai Gon-Ha Noi Bank (SHB) was the mostheavily-trade stock on the northern bourse on trades of 6.1 millionshares, climbing 3.7 percent to close at 8,500 VND a share.

Foreigninvestors continued to collect local shares, with their net buy valuereaching nearly 250 billion VND (11.9 million USD) in shares on the twobourses. Their purchases focused on large-cap stocks such as Hoa PhatGroup (HPG), Vietcombank (VCB), Tan Tao Investment Industry Corp (ITA)on the HCM City market and Kim Long Securities Co (KLS) and PetroVietnamTechnical Services Corp (PVS).-VNA
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