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Thursday, July 25, 2024

Blue-chip stocks behind market rebound

The Saigon Times

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HCMC – The local stock market bounced back today, October 26, backed by many blue-chip stocks, while the liquidity plunged over yesterday.

The VN-Index of the Hochiminh Stock Exchange gained 6.23 points, or 0.45%, at 1,391.63 points. Trade value on the market fell 17% at nearly 748 million shares and value declined 22% at VND21 trillion. Block deals contributed nearly VND1.5 trillion to the total value.

Among the 16 rising stocks in the VN30 basket, steelmaker HPG made the sharpest rise, at 2.1%. It was also the largest contributor to the VN-Index with nearly 1.2 points.

In addition, tech giant FPT rose 2.1% at VND96,900 and fuel distributor GAS inched up 1.6%.

As for small and medium stocks, property firm HQC surged 6.9% to its daily ceiling price, at VND5,080 and saw more than 32.85 million shares traded, taking the lead on the southern bourse by liquidity.

Other good performers were construction and property stocks, such as SAM with a 6.4% rise, DIG with 5.1%, CII with 4.1% and IDI with 4%.

Especially, steel stocks bounced back. HSG, NKG and TLH gained some 2% each. There were 9.18 million HSG shares and 10.1 million NKG shares changing hands.

Some logistics stocks also rocketed. For example, VOS jumped 6.8% to its daily ceiling price, at VND22,800, TCO soared 6.3% at VND28,700 and VSC gained 5.2% at VND71,000.

On the other hand, property firm QCG fell 6.9% to close at its floor price. In addition, apparel firm FTM lost 3.8% at VND 5,250 and housing developer NBB declined 3.4% at VND37,000.

On the Hanoi Stock Exchange, the HNX-Index rose 1.93%, or 0.49%, at 397.81 points.

More than 112 million shares worth over VND2.4 trillion were transacted on the bourse.

Key supporters of the market included securities firm MBS, construction company SCG, port operator PHP and plastic enterprise NTP, which made gains of 1.9%, 5.8%, 2.8% and 9.6%.

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