Shares rebound on bargain hunting
Lower valuation attracted investors on April 3, increasing buying and pushing stock indices up.
Lower valuation attracted investors on April 3, increasing buying and pushing stock indices up.
On the Ho Chi Minh City Stock Exchange, the VN-Index advanced for the first time in four days, adding nearly 8 points or 1.34 percent to end the session at 589.44 points.
A blue chip rebound led the market upwards as up to 27 of the top 30 shares by market capitalisation and liquidity rose, while only two declined. This lifted the VN30 by 1.04 percent to close at 664.88 points.
The three pillars of the market, dairy giant Vinamilk (VNM), PV Gas (GAS) and food processor Masan Group (MSN), all jumped. VNM rose 2.1 percent to 144,000 VND (6.83 USD) a share while GAS climbed 1.8 percent to 84,500 VND (4 USD) and MSN increased 0.5 percent to 93,500 VND (4.43 USD).
However, market volume and value decreased overall with only 105.5 million shares and fund certificates traded, worth 1.77 trillion VND (83.9 million USD). This represented a 30 percent decline in both volume and value from the previous session.
Tan Tao Investment Industry Corp (ITA) continued to be the most active share on the HCM City bourse with a total volume of 12.6 million shares traded, climbing 6.2 percent to end at 10,300 VND a share.
"Three straight days of losses, actually six days of the week, seemed to be an excess in the bullish market. Intensified bargain hunting buying steadily sent the market to the highest at the close," analysts of FPT Securities Co wrote on their website on April 3. "The long rally of global markets also boosted local market sentiment."
On the Hanoi Stock Exchange, nearly 60 percent of codes posted gains, lifting the HNX-Index up 2.27 percent to close at 87.62 points. The HNX30 also grew 2.51 percent to close at 180.65 points. Trading also declined on the northern bourse as market volume and value were down 30 percent, totaling 63.3 million shares worth 679 billion VND (32.2 million USD). Foreign investors continued to buy local shares on April 3, picking up a combined 47 billion VND (2.2 million USD) worth of shares.-VNA
On the Ho Chi Minh City Stock Exchange, the VN-Index advanced for the first time in four days, adding nearly 8 points or 1.34 percent to end the session at 589.44 points.
A blue chip rebound led the market upwards as up to 27 of the top 30 shares by market capitalisation and liquidity rose, while only two declined. This lifted the VN30 by 1.04 percent to close at 664.88 points.
The three pillars of the market, dairy giant Vinamilk (VNM), PV Gas (GAS) and food processor Masan Group (MSN), all jumped. VNM rose 2.1 percent to 144,000 VND (6.83 USD) a share while GAS climbed 1.8 percent to 84,500 VND (4 USD) and MSN increased 0.5 percent to 93,500 VND (4.43 USD).
However, market volume and value decreased overall with only 105.5 million shares and fund certificates traded, worth 1.77 trillion VND (83.9 million USD). This represented a 30 percent decline in both volume and value from the previous session.
Tan Tao Investment Industry Corp (ITA) continued to be the most active share on the HCM City bourse with a total volume of 12.6 million shares traded, climbing 6.2 percent to end at 10,300 VND a share.
"Three straight days of losses, actually six days of the week, seemed to be an excess in the bullish market. Intensified bargain hunting buying steadily sent the market to the highest at the close," analysts of FPT Securities Co wrote on their website on April 3. "The long rally of global markets also boosted local market sentiment."
On the Hanoi Stock Exchange, nearly 60 percent of codes posted gains, lifting the HNX-Index up 2.27 percent to close at 87.62 points. The HNX30 also grew 2.51 percent to close at 180.65 points. Trading also declined on the northern bourse as market volume and value were down 30 percent, totaling 63.3 million shares worth 679 billion VND (32.2 million USD). Foreign investors continued to buy local shares on April 3, picking up a combined 47 billion VND (2.2 million USD) worth of shares.-VNA
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