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Large-cap stocks drive market up

Phuong Thao
Wednesday,  Jul 12,2017,20:07 (GMT+7)
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Large-cap stocks drive market up

Phuong Thao

HCMC – The stock market bounced back slightly on July 11 after two consecutive days of losses as some large-cap stocks rallied.

Having stayed in the red for much of the day, the VN-Index added seven points in the final hour and a half to close at 769.36, up 0.37% against the previous session. Turnover on the HCMC market was equivalent to that on Monday, with 225.5 million shares worth VND4.2 trillion traded.

VNM and VIC, two large caps of the dairy and real estate sectors, were the largest contributors to the index’s gain by adding 0.9% and 2.4% from the session earlier. Brokerage firms HCM, SSI, VND and SHS recovered slightly after two sessions of strong decline, while VCI saw a modest decline after rising a combined 25.2% from the reference price in its first two trading days on the exchange.

Notably, property firm HAG and its agricultural affiliate HNG saw strong gains of 4.55% and 2.64%. In the steel sector, HSG advanced despite active foreign selling while HPG lost ground in spite of foreign buying. The two stocks reported respective matching volume of nearly 6.3 million and 5.7 million shares.

Meanwhile, HBC outperformed construction stocks by soaring to its ceiling price at VND56,700 per share with matching volume of 1.7 million shares. The company announced it had won some construction contracts with Keppel Land, BRG Group, MIK Group and Vingroup worth a total of over VND2 trillion.

Among small caps, OGC plunged to the floor price, having hit the ceiling prices for 12 sessions in a row. The financial group also led the HCMC bourse by liquidity with 20.7 million shares changing hands.

On the other hand, HAI, an agricultural chemical firm, went up to the upper limit for the seventh straight session with volume of over five million shares. Some small stocks like property trading firm HAR and KMR, a consumer goods and apparel producer, also closed at their ceiling prices.

The HNX-Index made a mild rebound, inching up 0.05% versus Monday at 100.42, but turnover on the Hanoi market slumped 28.7% at VND676 billion.

Key stocks in the petroleum and finance sectors advanced. SHB, the volume leader, gained 1.2% at VND8,100 a share with some 10 million shares traded. Construction firm PVX was the second most actively traded stock with 7.3 million shares but it fell for the second straight day after several sessions of hitting the ceiling prices.

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