Market bounces back in style

April 05, 2012 | 17:00

(0) user say

The market rebounded again Thursday as part of a long-lasting correction period, with improved liquidity.

Both bourses opened the session down, but suddenly bounced back in the end.

Securities company shares led the gainers, with bidding for shares soaring in this sector. Kim Long Securities (KLS) hit the ceiling with nearly 7 million units matched. Other major brokerage stocks VNDirect Securities (VND), Bao Viet Securities (BVS), Saigon-Hanoi Securities (SHS) hit the ceiling and were among top active stocks.

Other major stocks also reserved their trend to strongly rally on the northern bourse. PetroVietnam Construction (PVX) hit the ceiling with 9.7 million shares matched, outperforming the market.

Vietnam Construction and Import-Export (VCG), PetroVietnam-Nghe An Construction (PVA), PetroVietnam Power Land (PVL) all soared more than 6 per cent with large bidding volumes.

Positive sentiment largely expanded, helping up to 178 stocks ending higher on the HNX. Some 92 stocks declined and 162 ended flat. The benchmark HNX-Index advanced 1.57 points or 2.14 per cent to 74.82 points.

Liquidity also significantly advanced to 80.8 million shares worth VND783.3 billion ($37.8 million).

Analyst were cautious about the market trend, while market participants are still waiting for first quarter business results of listed companies and April’s consumer price index.

“The market may go up and down in next sessions thanks to investors’ bottom-fishing, but the falling trend will remain,” said BIDV Securities in its note to clients.

HNX’s rallying sentiment also supported Ho Chi Minh Stock Exchange’s (HoSE). The benchmark VN-Index ended 5.16 points or 1.17 per cent higher to end at 444.93 points. Liquidity improved as well to reach 61.5 million shares worth VND909.6 billion ($43.9 million).

Speculative stocks turned head to rally. Saigon Securities Inc. (SSI), PetroVietnam Finance (PVF), Ocean Group (PGC), Hoang Anh Gia Lai (HAG), Becamex Infrastructure Development (IJC) massively hit the ceiling.

Meanwhile, blue-chips Vietcombank (VCB), Vincom Corp. (VIC), Vinamilk (VNM) just ended flat. Vietinbank (CTG) even slightly fell. Foreigners traded modestly.