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Monday,  Feb 26,2018,02:39 (GMT+7)

Stocks bounce back after two days of losses

Phuong Thao
Thursday,  Feb 8,2018,23:38 (GMT+7)
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Stocks bounce back after two days of losses

Phuong Thao

HCMC – Stocks made a sharp turnaround on February 7 after a two-day sell-off as investor sentiment improved, backed by a strong overnight rebound in U.S. equity markets.

The VN-Index had the biggest single-day point rise since early 2017, adding a staggering 28.95 points, or 2.86%, at 1,040.55. Up to 242 stocks advanced, with 35 of them hitting their ceiling prices, while only 58 stocks closed lower.

Blue chips in the banking sector again were behind the strong recovery. HDB and BID went up to their ceiling prices given high demand, in which foreign investors net bought over 1.3 million HDB shares.

VJC, a low-cost air carrier, hit the upper limit for spending VND451 billion paying a cash dividend of 10% for shareholders. VJC closed the day at VND184,100 per share with matching volume of over 1.1 million shares.

Speculative stocks also bounced back, in which mining firms AMD and KSA and property enterprises FLC and NLG were the biggest gainers. Notably, AMD hit the upper limit of VND6,250 a share after a five-day losing streak and reported matching volume of 9.1 million shares.

Turnover on the HCMC market, meanwhile, dipped strongly as investors turned cautious after two days of heavy losses. There were 241 million shares worth VND6.6 trillion changing hands at the end of the day, down 49.8% and 56.4% versus the previous session respectively.

In fact, the uptrend was narrowed down in the afternoon phase as a number of large-cap stocks lost steam. Leading property firm VIC fell 0.12% at the intraday low of VND81,000 a share while Vietnam’s top brewery firm SAB inched up just 0.04% at VND232,800 per share.

In the oil and gas sector, PVD declined 4.1%, extending a 28% drop since disappointing business results in the last quarter of 2017 came out last week.

The Hanoi market also recovered on modest turnover, with the HNX-Index climbing 3.99 points, or 3.45%, at 119.62. There were 58 million shares worth VND852.8 billion traded, down 54.2% and 51% respectively.

For banking stocks, ACB jumped 4.6% at VND40,700 a share with over 2.6 million shares transacted. SHB was the volume leader with over 23.6 million shares, climbing 7.8% to close at VND12,500 a share.

Foreign investors shifted to the selling side on the HCMC bourse, net selling nearly four million shares with a combined value of VND224.5 billion. Meanwhile, they net bought VND28.9 billion of shares on the Hanoi market.

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