Bottom fishing pulls up market

Thee VN-Index opened with a plummet like it did in previous sessions, but suddenly turned to rise from the middle of morning trading. The benchmark ended up 6.9 points or 1.76 per cent to 399.72 points, advancing more than 20 points against the lowest level during the session.

Demand for shares particularly surged in banking shares and other blue-chips. Tens of stocks had matching values surpass 1 million units, including large-cap stocks and speculative pennies.

News and rumours of arresting and inspecting bankers seemed to cool down today. Dragon Capital gave public apology to Viet Capital Securities today, after wrongly informing that the brokerage firm’s CEO To Hai was summoned for investigation.

Military Bank (MBB) saw millions of shares bid for and the stock hit the ceiling with 2.7 million units matched.

Vietcombank (VCB) jumped 3.98 per cent with 1.2 million shares matched. Vietinbank (CTG) soared 4.06 per cent. Even Asia Commercial Bank (ACB) also jumped 3.81 per cent with 1.6 million shares matched and Sacombank (STB) gained 2.03 per cent with 1.3 million shares matched.

Eximbank (EIB) still fell 1.67 per cent, but the stock also having as high as 5.6 million shares matched.

Tan Tao Investment Industry Corp. (ITA) outperformed the market with 5.8 million shares matched, adding 3.45 per cent. Other real estate and construction stocks like Vietnam Electricity Construction (VNE), Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC), Becamex Infrastructure Development (IJC), Duc Long Gia Lai Group (DLG) and Hoang Anh Gia Lai (HAG) were also highly active, although they mostly fell.

Good fundamental blue-chips like Vinamilk (VNM), PetroVietnam Fertiliser and Chemical Corp. (DPM), PetroVietnam Drilling and Well Services (PVD) and PetroVietnam Gas (GAS) considerably increased on high demand for those shares.

Trading values soared back to VND1.2 trillion ($58 million) on the southern bourse, mainly matching values. Up to 168 stocks advanced on the southern bourse, outrunning 77 off.

HNX’s leading stocks like also strongly rallied. PetroVietnam Construction (PVX) outperformed with 9.2 million shares matched, followed by VNDirect Securities (VND) at 7.6 million units and Kim Long Securities (KLS) at 6.4 million units matched.

Saigon-Hanoi Bank (SHB) also hit the ceiling in line with the soar of banking stocks.

The bourse saw as high as 75.1 million shares worth VND591.5 billion ($28.6 million) changed hands.