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Wednesday, July 24, 2024

Stocks rebound on bottom fishing

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HCMC – The local stock market recovered strongly today, June 9, as investors rushed to bottom-fish bank, securities and steel stocks.

Closing the day, the VN-Index added 13.02 points, or 0.99%, at 1,332.9 points with gainers outnumbering losers by 222 to 170.

Trade volume fell 11% to 822.3 million shares while the value dropped 14.6% to nearly VND25.9 trillion. Some 52.5 million shares valued at VND1.6 trillion were traded in block deals.

Most of bank stocks rose, except for SSB, which fell 6.5% at VND40,200.

Notably, LPB rocketed from its floor price yesterday to its ceiling level, at VND31,250, today and saw nearly 23.2 million shares matched.

ACB also surged 5.6% at VND42,450 with 12.6 million traded. In addition, VIB added 5.1% and STB, HDB, MBB and CTG posted an increase of over 3% each.

Among the large-cap stocks, VCB picked up 2% to its intra-day high of VND102,000.

Steel stocks also bounced back slightly. Specifically, HPG inched up 0.6% at VND50,300 and saw nearly 41 million shares transacted.

HSG picked up 2.2% at VND43,200 and TLH edged up 1.8% at VND17,200.

Meanwhile, securities stocks continued flying high.

CTS surged 6.7% at VND22,200; VCI rose 6.3% at VND84,500 and SSI expanded 6.1% at VND46,700. There were 21.3 million SSI shares changing hands.

The active bottom fishing also helped the HNX-Index of the Hanoi Stock Exchange reached its highest level of the day before easing slightly at the end of the day.

The index gained 10.49 points, or 3.42%, at 316.87 points. Trading volume and value dipped 36% against the session earlier to some 151.7 million shares worth over VND3.6 trillion

Many securities stocks reached their highest levels of the day, such as VND, BSI, VIG, APS, WSS and HBS.

Others also reported a sharp increase, such as SHS soaring 7.9% at VND36,800 and seeing 10.7 million shares traded.

Moreover, MBS and BVS surged 9.4% and 9.5% at VND27,900 and VND27,700, respectively.

Bank stocks were not outsiders to the trend. Specifically, SHB increased 7.9% at VND31,300 and saw 29.9 million shares transacted, leading the northern bourse in terms of liquidity.

Meanwhile, petroleum stocks were split. PVS rose 5.2% at VND28,400, while the remainder dropped.

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