Investors buy big despite selling squeeze

More than 3.7 million Saigon Securities Inc. (SSI) shares were matched on Ho Chi Minh Stock Exchange (HoSE), followed by Tan Tao Investment Industry Corp. (ITA) and Licogi 16 (LCG) at some one million units each. The three stocks jumped some 2-3 per cent.

Blue-chips PetroVietnam Finance (PVF), Vincom Corp. (VIC) and Bao Viet Holdings (BVH) hit the ceiling. Masan Group (MSN) also gained 3.74 per cent to VND97,000.

Meanwhile, foreigners strongly bought a mass of major stocks like SSI, LCG, PetroVietnam Fertilisers (DPM), Vietinbank (CTG), Vietcombank (VCB), Hoa Phat Group (HPG), Hoang Anh Gia Lai (HAG). Foreigners’ total buying volume reached 4.3 million shares today.

The benchmark VN-Index soared9.43 points or 2.4 per cent to 402.89 points, after advancers overwhelming decliners 163 to 60 on the HoSE.

Volume slightly reduced as compared with yesterday, reaching 31 million shares worth VND488 billion ($23.8 million). Among them, 1.2 million shares worth VND58.7 billion ($2.9 million) were negotiated.

On the Hanoi Stock Exchange (HNX), major stocks like Kim Long Securities (KLS), PetroVietnam Construction (PVX), Vinaconex (VCG) largely rallied despite quite strong pressure from the sellers.

Nearly eight million KLS shares were matched, while matching volumes of PVX and VnDirect Securities (VND) reached as high as four million units each.

KLS was up 5.83 per cent, PVX 3.74 per cent, VCG 4.42 per cent, while VND soared 6.45 per cent. PetroVietnam Insurance (PVI) hit the ceiling after it announced that Germany’s Talanx Insurance had agreed to invest more than $90 million in the firm.

Meanwhile, Habubank (HBB), Asia Commercial Bank (ACB) and Saigon-Hanoi Bank (SHB) ended flat or just slightly climbed.

Some 202 stocks ended higher on the northern bourse, compared with 62 off and 122 ending flat. The benchmark HNX-Index added 0.9 points or 1.34 per cent to 68.31 points.

Liquidity remained good at 45.4 million shares worth VND460 billion ($22.4 million).