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Tuesday, July 23, 2024

Stocks recover on improved liquidity

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HCMC – The local stock market managed to rally at the closing session on July 1, with the VN-Index on the southern bourse shooting up to over 840 points and ending a six-session losing streak.

Following signs of recovery in the morning, investors entered the afternoon with an upbeat mood and confidently disbursed money into the market, especially speculative stocks.

As a result, property developer FLC closed at its ceiling price of VND3,870, with matching volume reaching 32.9 million shares. It was an outstanding cash magnet and led the HCMC market by liquidity in the first session of July.

Realty trading firm HQC ranked second in terms of liquidity, with 14 million shares transacted. It expanded 4.94% to VND1,700.

Other gainers hitting their upper limits in the group of speculative stocks included ITA, TNI, DLG, and LDG.

Regarding bluechip stocks, real estate developer NVL and two lenders HDB and EIB fell slightly, while local budget carrier VJC moved sideways. The remaining bluechips all rose, with retailer VRE making the highest increase in this group, rising 6.65%. Lender VPB extended rally by 5.62% to its intraday high.

Among the top 10 largecaps in the HCMC market, property firm VIC improved 2.25% to VND91,000. Lender VCB increased nearly 3% to VND82,700. Brewery SAB, and two lenders BID and CTG soared over 3%.

Overall, the benchmark index gained 18.38 points, or 2.23% to 843.49, with 306 winners and 81 losers. Trading volume and value dipped some 15% and 6% at 303.5 million shares worth over VND4.6 trillion, including around VND1.5 trillion worth of shares traded in block deals.

Also, the HNX-Index of the Hanoi market added 1.92 points, or 1.75% over the session earlier to 111.69, with 107 stocks rising and 52 others declining. Big-cap stocks on the northern bourse staged a good performance, such as SHB and ACB.

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