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Speculative stocks spur up turnover

Phuong Thao
Tuesday,  Oct 10,2017,22:21 (GMT+7)
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Speculative stocks spur up turnover

Phuong Thao

HCMC – The local stock market continued inching up on October 9 while turnover improved strongly thanks to active cash flow into some speculative stocks.

HAI, an agricultural chemical producer, hit the ceiling price for the fourth consecutive session thanks to high demand. The stock closed at VND9,250 a share on matching volume of over eight million shares.

According to tinnhanhchungkhoan.vn, HAI shot up from VND4,000 to VND24,050 a share during 28 sessions between late June and July. After reaching the peak on August 9, the firm encountered strong profit taking pressure, plunging to lower than VND10,000 each within 19 following sessions.

HAI had seesawed around VND7,000 a share in several days before starting a new rising streak last week. The stock did see selling pressure on the morning of October 9, dropping to near the floor price of VND8,100, but bouncing back sharply at the close.

HAI was the second most actively traded stock after property firm FLC with 13.4 million shares traded. Closing the day, FLC added 1.49% to VND7,500 a share.

The VN-Index increased for the second straight session, gaining a slight 0.14% at 808.96. There were 167.5 million shares worth nearly VND3.4 trillion changing hands, up 26% and 25% versus last Friday, including 38.4 million shares traded in bloc deals.

On the Hanoi market, bank stocks ACB and SHB lifted the HNX-Index up 0.71% at 108.75. Trading volume and value advanced 4.5% and 44% against the previous session at 58.5 million shares worth over VND1 trillion, mostly due to put-through transactions of 5.3 million shares of plastic firm NTP.

SHB was the volume leader with over 16 million shares traded while ACB ranked third with over three million shares. The two lenders increased 2.5% and 1.9% at VND8,200 and VND31,900 a share respectively.

KLF reported matching volume of nearly 7.3 million shares but the trading and food service stock lost 4.8% at VND3,900 a share. Meanwhile, construction firm VCG gained 1.4% at VND21,100 per share with more than 2.2 million shares traded.

Foreigners stayed on the selling side on both exchanges. They net sold VND47.9 billion on the southern market and over VND391 billion on the northern bourse.

According to vietstock.vn, the VN-Index was still oscillating in a sensitive zone with unclear tendency but investor sentiment turned better. Therefore, the index may not see deep correction in the following sessions although huge supply at the resistance of 810 points will continue causing pressure on the market.

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