Monday,  Oct 22, 2018,20:53 (GMT+7) 0 0
Stocks skyrocket on low trade volume
Phuong Thao
Tuesday,  May 8, 2018,23:05 (GMT+7)

Stocks skyrocket on low trade volume

Phuong Thao

HCMC – Having dipped for two consecutive sessions last week, the local market skyrocketed on May 7  as many listed firms went up to the ceiling prices, though the trade volume ebbed slightly.

The VN-Index closed the day at the intraday high of 1,062.26, adding a massive 35.46 points, or 3.45%, versus last Friday. However, turnover on the HCMC market stayed low with volume and value shedding 5% at 155 million shares worth VND4.9 trillion, including block deals valued at over VND1.4 trillion.

Almost all of heavyweights advanced, in which brewery firm SAB, lenders BID and CTG and construction enterprise ROS shot up to the ceiling prices. MSN, a consumer goods producer, leapt 5.4% at VND96,500 per share while steelmaker HPG jumped 3.7% at VND56,000 and low-cost carrier VJC increased 3.4% at VND183,000 a share.

After trading in the negative territory during the morning phase, VIC, a leading real estate company, bounced back and closed with a modest gain of 0.08% at VND124,600 per share.

Aside from BID and CTG, others lenders increased or closed near the upper limits. VPB jumped 6.6% at VND55,900 per share while VCB added 5.2% at VND62,100 a share on matching volume of 3.5 million shares.

Among the top five stocks in terms of liquidity, there were three lenders namely CTG, MBB and STB with matching volume of 6.3 million shares, 5.1 million shares and 4.8 million shares respectively. Meanwhile, sugar firm SBT and construction firm ASM, which ranked first and fifth with 8.6 million shares and 4.4 million shares changing hands respectively, ended the session with minor losses.

The HNX-Index jumped 3.98 points, or 3.25%, at 126.55 given 108 gainers and 70 losers. The Hanoi exchange also saw turnover slumping compared to the previous session as volume and value reduced 29.8% and 9.5% at 55.1 million shares worth VND831.5 billion.

Lender SHB again took the lead for liquidity with 12.7 million shares exchanged, gaining 3.6% at VND11,300 a share. Its fellow bank ACB ranked second with 4.3 million shares and hit the intraday high of VND46,000 per share.

PVS, which is active in the oil and gas sector, made the strongest rise among heavyweights for soaring 8.7% at VND18,700 per share on volume of 3.2 million shares. Meanwhile, construction firm VCS added 5% at VND125,300 per share.

Foreigners remained active on the selling side as they net sold over VND376 billion on the southern bourse and VND79.5 billion on the northern exchange.

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