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Active bottom fishing props HCMC bourse
The Saigon Times Daily
Monday,  Dec 16, 2019,20:18 (GMT+7)

Active bottom fishing props HCMC bourse

The Saigon Times Daily

More than 21 million shares of property developer FLC Faros Construction Corporation (FLC) changed hands today, December 16, backed by active bottom fishing – PHOTO: FLC

HCMC – The VN-Index on the Hochiminh Stock Exchange escaped a strong loss today, December 16, thanks to a number of heavyweights, and active bottom fishing.

On the HCMC bourse, 141 stocks gained and 178 others lost. The benchmark index edged a mere 0.49% lower against Friday's session to close at 961.47 points. More than 278 million shares worth over VND5.6 trillion changed hands, up 27% and 33.7% against Friday’s session, respectively.

Block deals saw nearly 76 million shares worth over VND2.5 trillion transacted, with consumer goods firm MSN accounting for a whopping 16 million shares valued at around VND931 billion.

In the VN30 basket, housing developer VHM, an affiliate of Vietnam’s largest private conglomerate VIC, and lender VCB remained the leading contributors to the loss of the VN-Index as they fell by 3.4% and 2.7% from the previous session to VND86,100 and VND86,000 per share.

Some other heavyweights, such as MSN, lender CTG, VIC, brewer SAB and steelmaker HPG fell into negative territory. Notably, MSN plunged as much as 2.2% to the intraday low of VND56,700 per share.

In contrast, VNM, the country’s leading dairy producer, made steady gains as it edged up 0.6% to VND118,800 per share and the volume of shares transacted amounted to 750,000 shares.

As Japan’s leading life insurer Sumitomo Life, a major shareholder of local insurer BVH, announced its plan to acquire an additional 41 million shares in the Vietnamese firm, BVH shot to its ceiling price of VND72,700 per share.

Bottom fishers turned active throughout the day, buoying medium and small stocks. As a result, many stocks, such as property developers FLC, DLG and HQC, and mining firm AMD shot up to their ceiling prices.

For example, FLC saw more than 21 million shares changing hands, ranking second in terms of liquidity behind construction firm ROS on the southern bourse.

On the Hanoi Stock Exchange, the HNX-Index inched up 0.27% at 103.22 points. Trading volume dipped against Friday’s session to some 26.2 million shares worth VND227 billion.

Over half million shares of lender SHB were net sold by foreign investors, but the stock soared 6.7% at VND6,400 per share and more than 8.2 million shares were transacted, taking the lead on the northern bourse by liquidity.

Bank stock NVB kept unchanged while ACB, the largest stock by market capitalization, slid 0.9% at VND23,000 per share.

Apart from SHB, some other HNX30 stocks, including chemicals and detergent powder producer DGC, petroleum technical service firm PVS, stone manufacturer VCS and real estate firm L14, were the major contributors to the day’s gain.

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