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Stock market bounces back strongly

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HCMC – After taking a nosedive in the session yesterday, the VN-Index of the Hochiminh Stock Exchange bounced back strongly today, July 7, to close at its intra-day high.

Although declining stocks outnumbered advancing ones by 226 to 147, the main index gained 33.76 points, or 2.49%, at 1,388.55, the highest growth since February 17.

Trading volume and value on the southern bourse dipped slightly over the session earlier to 784 million shares and nearly VND27 trillion.

Many bank stocks recovered and some stocks in the VN30 basket hit their ceiling prices, sending the main index up. However, the liquidity did not improved greatly, proving the cautiousness of investors.

Pillar stocks surged, of which, fuel distributor GAS soared 6.6% at VND91,500; consumer goods company MSN expanded 6.4% at VND116,000 and housing developer VHM rose 6.1% at VND117,000.

Especially, mobile phone retailer MWG and jewelry company PNJ reached their ceiling prices.

In the VN30 basket, only three stocks fell, including electricity firm POW, lender VPB and insurer BVH.

As for bank stocks, LPB rocketed to its ceiling price, at VND29,950, while VPB and VIB inched down, and EIB closed at its reference price.

Lender STB led the southern bourse in terms of liquidity with 41.5 million shares changing hands, followed by steel maker HPG with 40.6 million shares.

Meanwhile, most of small and medium stocks dropped. Construction firm ROS even plunged to its floor price, at VND5,580.

On the northern bourse, the HNX30 basket saved the HNX-Index from another declining session. The index bounced back slightly at the end of the session after most of stocks on the bourse were traded in the red in most of the trading time.

The index added 1.32 points, or 0.41%, at 319,83 points. There were 169 million shares worth nearly VND3.9 trillion traded on the bourse.

Securities companies SHS and VND gained 6.28% and 2.8%, respectively, contributing to the rise of the HNX-Index.

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