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Thursday,  Apr 27,2017,14:05 (GMT+7)

Market recovers on bottom fishing

Phuong Thao
Thursday,  Apr 20,2017,00:03 (GMT+7)
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Market recovers on bottom fishing

Phuong Thao

HCMC – Rising selling pressure pushed the VN-Index down to 705 points in the morning phase on April 18 but steep stock falls after a four-day losing streak encouraged bottom fishers to boost buying in the afternoon.

Given 150 gainers and 101 losers, the main index added 4.1 points, or 0.58%, against the previous day at 714.93. Turnover on the HCMC market saw a mild improvement with 178 million shares worth VND4.2 trillion traded, up 1.55% compared to April 17.

Pillar stocks VNM, VCB, MSN and GAS were strong market drivers, pushing the index up by around 0.5%. VNM jumped 1.7% at VND144,400 a share on matching volume of 1.9 million shares as foreigners net purchased nearly 1.24 million VNM shares.

VCB and MSN closed at the intraday highs at VND35,850 and VND46,000 a share, up 1% and 4.5% against the session earlier respectively. GAS gained 2% to VND55,100 per share while BHN, FPT, DPM and BID bounced back sharply in the afternoon phase.

In the small cap group, FLC climbed 3.3% at VND7,800 a share and took the lead for liquidity with 21.7 million shares, in which foreigners net bought over 5.2 million FLC shares. ITA was the second most sought-after stock with 9.7 million shares changing hands, followed by HQC with 8.6 million shares and ROS with 7.5 million shares.

Among laggards, large caps SAB and VJC lost 0.9% and 2% to VND205,000 and VND129,000 a share respectively. QCG also failed to make a turnaround, closing the session down 2.8% at nearly VND6,900 per share.

The Hanoi market also plunged to 88.5 points in the morning before bouncing back given strong bottom fishing, with the HNX-Index jumping 0.83 point, or 0.94%, at 89.12. Trading volume on the northern exchange surged 20% versus April 17 to 80.2 million shares while value increased 16.9% at VND960 billion, with put-through transactions of 17.7 ACB million shares in the afternoon phase contributing VND359.6 billion.

ACB closed at the intraday high of VND22,900, up 1.8% compared to the previous session, on matching volume of nearly two million shares. SHB added 2.8% at VND7,400 a share and led the exchange for liquidity with 28.7 million shares, in which foreigners net sold 5.8 million SHB shares.

Foreigners net bought 8.6 million shares with the total value of nearly VND238 billion on the southern bourse, soaring nearly 447% and 102% versus April 17 respectively. The investors focused on VNM with a net buying value of VND177 billion.

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