Market bounces back in style

February 22, 2012 | 17:00

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Cash continued to strongly flow into stocks Wednesday, despite a significant decline in yesterday’s session.

The VN-Index rebounded up 7.5 points or 1.83 per cent to 418.41 points. The VN30 gained 8.7 points or 1.88 per cent to 470.97 points.

Highly-liquid stocks continued being purchased. Saigon Securities Inc. (SSI), Becamex Infrastructure Development (IJC) and Ocean Group (OGC) all hit the ceiling with 1.5-2.5 million shares matched each.

Other major stocks in banking and real estate sectors, among them Military Bank (MBB), Eximbank (EIB), Vietcombank (VCB), Tan Tao Investment Industry Corp. (ITA), Licogi 16 (LCG) and Hoang Anh Gia Lai (HAG), continued rallying.

Besides, low-price stocks Vietnam Electricity Construction (VNE), PetroVietnam-Idico Long Son Industrial Park Investment (PXL), Bac Giang Exploitable Mineral (BGM), Petro Capital Infrastructure Investment (PTL), Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) saw their prices sharply increase in recent sessions.

On the Hanoi Stock Exchange (HNX), highly-liquid stocks saw matching volumes reaching 3-13 million shares each, far surpassing the matching volume of blue-chips on the HoSE. Habubank (HBB) continued to see a dramatic matching volume of 12.7 million shares, after surprising the market with 10 million shares yesterday.

PetroVietnam Construction (PVX) saw 8.9 million units matched, Kim Long Securities (KLS) 5.2 million units, VNDirect Securities (VND) 4.7 million units and Hanoi Investment General Corp. (SHN) 2.9 million units.

The HNX-Index gained 1.81 points or 2.83 per cent to end at 65.7 points.

Shares of well-performing enterprises like PetroVietnam Drilling and Well Services (PVD), FPT Corp. (FPT) and Phu Nhuan Jewelry (PNJ) lost with weak trading volumes.

Notably, liquidity kept strong, with 47 million shares worth VND624.3 billion ($30.2 million) matched and 7.8 million shares worth VND115.3 billion ($5.6 million) negotiated.

MBB outperformed the market with 3.3 million shares matched, followed by Eximbank (EIB) at 2.5 million shares.

Foreigners strongly purchased a number of major stocks like Vietinbank (CTG), Refrigeration Electrical Engineering Corp. (REE), PetroVietnam Fertiliser (DPM) and Hoang Anh Gia Lai (HAG).