Monday,  Oct 22, 2018,21:50 (GMT+7) 0 0
Stocks bounce back before holiday
Phuong Thao
Thursday,  Apr 26, 2018,15:19 (GMT+7)

Stocks bounce back before holiday

Phuong Thao

HCMC – The local stock market made a slight recovery before the one-day national holiday but turnover turned sluggish as investors were cautious at strong market volatility.

After the first 30 minutes of trading on April 24, the VN-Index was down 2.6% before reversing to close the day up 0.37% at 1,080.74. According to Viet Capital Securities Company, it was a nice rebound from a rough morning but still a modest gain in the context of Monday’s sharp decline, when the main index plummeted 3.9% for a second time in three days.

Leading property firm VIC was the top contributor to the day’s gain and has weathered the recent storm better than the overall market, dropping just 5.9% in the last two weeks after doubling over the previous four months. Meanwhile, the main index was at a two-month low after dropping 11% over the last two weeks.

VIC closed the day up 3% at VND127,000 per share and took the lead for liquidity with 8.7 million shares traded, accounting for 17% of the total volume on the HCMC market. Overall, there were 186.6 million shares worth VND6.28 trillion changing hands, down 14.4% and 12% against the previous session respectively.

VRE, a retail unit of VIC, was also among the biggest gainers, jumping nearly 5.5% at VND48,000 a share on volume of nearly two million shares. For the oil and gas sector, GAS, PVD, PVS and PVT all surged as Brent crude oil traded above US$75 per barrel in Asian trading, marking a three-year high.

On the negative side, brokerage firms continued to fall sharply, led by VND, SSI, HCM and VCI. Banks were mixed with BID, VCB recovering from Monday’s heavy losses whereas CTG, MBB and HDB slid further and VPB and TPB closed at the reference prices.

NLG, a property enterprise, hit its floor price of VND35,200 per share as investors reacted to the company’s conservative 2018 profit guidance and a seemingly low starting price for a public offering plan of 40 million shares.

The HNX-Index rose a slight 0.16% at 126.3 but trading volume and value on the Hanoi market declined 24.3% and 34.6% at 54.2 million shares worth VND800.5 billion.

Most heavyweights gained ground, except for lender ACB that shed 0.2% at VND44,400 a share. Its fellow bank SHB was the volume leader with 15 million shares exchanged but it closed unchanged at VND11,800 per share.

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