Buyers suck up cheap stocks

August 29, 2012 | 17:00

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The stock market bounced back during today, as investors bought cheap shares after a market big drop.

Investors rushed to bid for shares and demand strongly increased for speculative stocks in the real estate, mineral and securities sectors and in PetroVietnam-family stocks.

Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC), Sao Mai Construction Corp. (ASM), Becamex Infrastructure Development (IJC) and Tu Liem Urban Development (NTL) massively hit the ceiling with hundreds of thousands units matched.

Saigon Securities Inc. (SSI) and Ho Chi Minh City Securities (HCM) both hit the ceiling on the Ho Chi Minh Stock Exchange (HoSE). SSI had nearly 2 millions shares matched. Meanwhile, VNDirect Securities (VND), Saigon-Hanoi Securities (SHS) and Kim Long Securities (KLS) sharply rose on Hanoi Stock Exchange (HNX) with 2-4 million shares matched each.

Bao Viet Securities (BVS), Au Viet Securities (AVS) and Wall Street Securities (WSS) soared on rebounding demand.

Tay Bac Minerals Investment (KTB), Binh Thuan Mineral Industry (KSA), Nari Hamico Minerals (KSS) hit the ceiling. Southern Rubber Industry (CSM) and Danang Rubber (DRC) hit the ceiling as well.

PetroVietnam Gas (GAS) led the PetroVietnam-family stocks. It hit the ceiling with up to 1.3 million shares matched. PetroVietnam Fertiliser and Chemical Corp. (DPM) also hit the ceiling, while numerous other smaller stocks in the group strongly jumping.

As many as 206 stocks ended higher on the HoSE, compared with just 36 decliners. On the HNX, more than half the market or 214 stocks were up, while just 38 off and 141 unchanged.

Even Asia Commercial Bank (ACB) strongly rebounded. The stock jumped 5.26 per cent with more than 700,000 units matched.

Other banking stocks stayed modest. Eximbank (EIB) was still being strongly offered, declining 1.24 per cent. Military Bank (MBB) and Vietcombank (VCB) gained some 2 per cent each. Vietinbank (CTG) advanced 0.53 per cent.

At the close, the VN-Index gained 7.28 points or 1.89 per cent to end at 393.06 points. Some 41 million shares worth VND582.4 billion ($28.1 million) were changed hands on the southern bourse.

The HNX-Index soared 3.6 per cent or 2.15 points to 61.88 points. Liquidity slightly improved to some 31 million shares worth VND298.5 billion ($14.4 million).