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Vietnam Stock Market News

Vietnam Business » Vietnam Stock Market News » Bottom-catching buys lift indices

Bottom-catching buys lift indices

Increased buy orders on the HCM City Stock Exchange in the latter half of yesterdays session helped the VN-Index regain the 450-point level, to end the week at 452.73, an increase of 0.93 per cent over Thursdays close.

The session opened in negative territory, with VN-Index dropping to an eight-month low of 440.72 points, but increased trough-catching orders lifted many shares. The index climbed to 458 before falling back to 452, as many investors slowed buying for fears of a "bull-trap."

The value of trades rose slightly, surpassing VND1.3 trillion (US$70.5 million), while volume fell 7 per cent to just over 45.6 million shares.

Gainers outnumbered losers by 141-55, with many blue chips leading the rise. Refrigeration & Electrical Engineering (REE) was still the most-active share on the southern bourse on a volume of 1.6 million.

Media reports yesterday named many shares that were trading below their book value, fanning investor appetites for bargains and helping lift the values of such shares as Cables and Telecommunications Materials (SAM), which rose 4.38 per cent on the day; Nam Viet Corp (ANV), up 3.44 per cent; Gemadept (GMD), up 2.89 per cent; and Rang Dong Light Sources and Vacuum Flask (RAL), up 2.96 per cent.

On the Ha Noi Stock Exchange, the HNX-Index also climbed 2.23 per cent to close at 134.97. Market volume and value increased lightly, with over 39 million shares changing hands, worth a combined VND936 billion ($49.3 million).

Advancers outnumbered decliners by two-to-one, while PetroVietnam Construction (PVX) led trading on a volume of five million shares.

Although the market bounced back when the leading indices dropped to 440 on the HCM City bourse and 130 points on the Ha Noi bourse, Au Viet Securities Co analyst Huynh Van Phat said it was too early to confirm those landmarks as the markets rock bottom.

Independent analyst Phan Dung Khanh blamed recent declining sessions on banks offloading shares to meet the new capital adequacy ratio requirement. A soaring supply of new shares and a lack of new capital being injected into the market were nothing new and were already reflected in basic current market factors.

"The market decline is largely attributable to the psychological panic state of investors, rather than the development of an effective market based on information," Khanh said.

Foreign investors concluded yesterday as net buyers on the HCM City market, responsible for a net buy of nearly VND84 billion ($4.4 million). By contrast, on the Ha Noi market, they offloaded nearly VND8 billion ($421,000) worth of shares.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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