Business

Stock rebound surprises analysts

Stocks rebounded on both national stock exchanges on August 16 as investors began hunting shares at bargain prices following last week's slump.
Stocks rebounded on both national stock exchanges on August 16 asinvestors began hunting shares at bargain prices following last week'sslump.

On the HCM Stock Exchange, the VN-Index rose 2.66percent to close at 464.76. Ninety-four percent of codes posted gains onthe day, with 120 codes cl
sing at their ceiling prices.

Blue chips led the market rebound, with the eight leading shares bycapitalisation all rising, including Hoang Anh Gia Lai Co (HAG), MasanGroup (MSN), Vietcombank (VCB), Sacombank (STB), Eximbank (EIB),Vietinbank (CTG), Vinamilk (VNM) and Saigon Securities Inc (SSI).

SSI, the most-active share on a volume of nearly 1.7 million, gained4.95 percent to end the session at 29,700 VND (1.55 USD) per share.

Overall market volume fell 12 percent from August 13's session,however, to 40.4 million shares, while the value of trades declined 18percent to 1.1 trillion VND (57.8 million USD).

On theHanoi Stock Exchange, the HNX-Index gained a whopping 3.8 percent overlast Friday's close to end the day at 140.11 points. Trading volume alsoincreased by 11.7 percent, reaching nearly 34.6 million shares, worth atotal of 835.4 billion VND (43.5 million USD).

Advancersoutnumbered decliners by 303-10, and Kim Long Securities Co (KLS) becamethe most heavily-traded share with nearly 4.3 million changing hands.KLS closed up 5.37 percent to 15,100 VND (0.79 USD).


Foreign investors remained wary, picking up a net buy of just 8 billionVND (417,000 USD) on the HCM stock market on August 16, whileoffloading shares worth a net of 1 billion VND (53,000 USD) on the Hanoimarket./.
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