Market on the bounce

July 23, 2012 | 17:37

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Stock market surprised investors Thursday as it suddenly soared at the session end.

The VN-Index jumped 9.55 points or 2.28 per cent to 428.38 points, after the benchmark fluctuated throughout the morning.

The HNX-Index gained 1.9 points or 2.67 per cent to 72.93 points thanks to a rally within afternoon trading.

Sacombank Securities (SBS) saw a huge volume of 9 million shares matched, outperforming the Ho Chi Minh Stock Exchange (HoSE). The brokerage firm is struggling with its financial restructure and no good news was released.

Speculative stocks Vietnam Electricity Construction (VNE), Tan Tao Investment Industry Corp. (ITA) followed with more than 4 million shares matched each.

A mass of “hot” stocks had matching volumes of over one million shares, among them also pennies like Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC), Infrastructure Development (IJC).

Bao Viet Holdings (BVH), which is reported that its long-term strategic partner is to divest all stake there, had matching volume of as high as 1.7 million.

On the Hanoi Stock Exchange (HNX), PetroVietnam Construction (PVX) outperformed with huge matching volume of 11 million shares. Leading stocks of the northern bourse, such as VNDirect Securities (VND), Kim Long Securities (KLS), Habubank (HBB), strongly rallied with 3-5 millions shares matched each.

Cash aggressively flew into the market, boosting matching values. Matching value reached VND978.8 billion ($47.3 million) on HoSE and hit VND588.5 billion ($28.4 million) on HNX.

Put-through transaction also increased. Some 84.9 million shares worth VND1.25 trillion ($60.4 million) were changed hands on HoSE.

Meanwhile, 69.4 million shares worth VND635.3 billion ($30.7 million) were traded on HNX.

Most stocks ended with gains. Some 224 stocks increased on HoSE, compared with just 30 declining. Advancers overwhelmed decliners 239 to 39 on HNX.

But banking stocks still saw modest gains compared with the others. Sacombank (STB) added 0.45 per cent, Military Bank (MBB) 2.11 per cent, Vietinbank (CTG) 0.93 per cent. Vietcombank (VCB) climbed 3.52 per cent.