Market bounces back in style

The VN-Index gained 7.74 points, or 1.69 per cent, to 464.94 points while HNX-Index jumped 1.27 points or 1.4 per cent to 91.83 points.

Notably, the positive trend covered 190 stocks up on the Ho Chi Minh Stock Exchange (HoSE) with 45 hitting the ceiling, while 200 advanced on the Hanoi Stock Exchange. There were 31 decliners on the HoSE and 80 on the HNX.

Debate on the causes for the rise sparked among investors. Several supposed the market’s sudden rebound as speculators drove up the market in an effort to cut losses.

That idea was underscored by liquidity still remaining low. Volume reached 27.3 million shares on the HoSE and 28 million on the HNX. Cash flows have not been increased.

Also, foreigners seemed to be cautious when buying in just three million shares on the southern bourse, focused on Vietcombank (VCB), Vietinbank (CTG) and FPT Corp. (FPT). Net buying value was modest at VND78.41 billion ($3.79 million).

Saigon Securities Inc. (SSI) and PetroVietnam Finance (PVF) led the gainers with domestic investors buoyant.

Blue-chips massively jumped, among them PetroVietnam Fertilisers (DPM), Hoang Anh Gia Lai (HAG) and Bao Viet Holding (BVH).

Several mid-cap stocks hit the ceiling. Licogi 16 JSC (LCG) hit the ceiling and was among the top active stocks with more than 844,000 shares changing hands today, after the construction company planning its dividend payment at 70 per cent.

Mineral shares largely hit the ceiling today as well.

On the Hanoi exchange, VnDirect (VND) hit the ceiling. BaoViet Securities (BVS) nearly hit the ceiling despite the brokerage’s losses.

Vinaconex (VCG) and Thai Hoa Vietnam Group (TVH) both hit the ceiling with 1.5 million and 2.5 million shares traded respectively.

Habubank (HBB) and Asia Commercial Bank saw just slight gains.

Foreigners were net buyers on the northern bourse with selling values reaching VND12.6 billion ($608,000).