Market pulls out of death spin

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index rose 11.68 points or 3.02 per cent to 398.04 points. The southern bourse’s movement upset with 194 stocks rising, among them up to 124 hitting the ceiling.

Most major stocks jumped, led by Vinamilk (VNM) and Masan Group (MSN) both hitting the ceiling. Bao Viet Holding (BVH) jumped 4.38 per cent to VND71,500.

FPT Corp. (FPT), Hoang Anh Gia Lai (HAG) and Hoa Phat Group (HPG) were among the top gainers.

Trading volumes sharply increased with millions shares of each stock changing hands. More than 3.4 million Saigon Securities Inc. (SSI) shares were traded, followed by Tan Tao Investment Industry Corp. (ITA) at 3.3 million shares.

Eximbank (EIB), Sacombank (STB), Licogi 16 (LCG) and Investment and Trading of Real Estate (ITC) were massively active with from one million to two million units traded each.

Liquidity soared 35 per cent to 47.22 million shares, with value up 20 per cent to more than VND806 billion ($38.9 million).

Analysts said today’s sudden market rebound stemmed from investors’ greed given the market tumbling too deeply. “The greed flared up,” said FPT Securities “The market moved so suddenly that it had shocked many investors. It was an unforeseen scenario.”

The HNX-Index of Hanoi Stock Exchange (HNX) gained 1.33 points or 1.93 per cent to 70.34 points.

Liquidity on the northern bourse even far passed HoSE’s figure with more than 58.7 million shares traded. Value reached VND566 billion ($27.3 million).

The two driving stocks Kim Long Securities (KLS) and VnDirect Securities (VND) both saw up to more than 4.8 million shares traded each, followed by PetroVietnam Construction (PVX) at 4.3 million shares.

Thai Hoa Viet Nam Group (TVH), Vinaconex (VCG) and a mass of major stocks saw millions of units changing hands.

Overall, 167 stocks gained on the HNX and 131 declined, while 90 ended flat.