Market rides on global confidence

December 05, 2011 | 16:00

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The stock market strongly bounded back Monday in line with a surge in global equities.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) gained as much as 7.31 points or 1.9 per cent to 291.19 points. Meanwhile, the HNX-Index of Hanoi Stock Exchange (HNX) saw a stronger jump of 1.79 points or 2.9 per cent, ending at 63.47 points.

Global equity markets continued a recovery from late last week, pushed by new hope for European leaders’ deal to solve the region’s debt crisis.
Meanwhile, the benchmark VN-Index falling to 380 points has attracted investors.

“The 380 point level had brought into full play, proving to be a supportive level for the market,” said FPT Securities.

Buying power strongly focused on a number of highly liquid major stocks including Saigon Securities Inc. (SSI), PetroVietnam Finance (PVF), Ocean Group Corp. (OGC), FPT Corp. (FPT), pushing these stocks.

Even real estate stocks like Vincom Corp. (VIC), Hoang Anh Gia Lai (HAG), Tan Tao Investment Industry Corp. (ITA), Investment and Trading of Real Estate (ITC) largely hit the ceiling.

SSI outperformed the market with 1.85 million shares matched. Several other stocks saw matching volumes reaching more than one million units.

Up to 220 stocks ended higher on the southern bourse, with 131 hitting the ceiling. Just 42 stocks declined and 42 were unchanged. Sacombank (STB) ended lower.

Liquidity significantly increased to 35 million shares worth VND494.4 billion ($23.9 million) on the HoSE. Put-through volume reduced to 3.3 million shares worth VND75 billion ($3.6 million).

Total volume rose on the HNX with up to 43.1 million shares worth VND391.3 billion ($18.9 million). Some 251 stocks gained, compared with just 48 off and 94 unchanged.

Of the same trend with HoSE, buying volumes strongly focused on highly-liquid major stocks.

Kim Long Securities’ matching volume soared to 6.4 million shares. That of VNDirect Securities (VND) hit 3.1 million shares, PetroVietnam Construction 3 million shares. A dozen other liquid stocks saw the volume hitting 1-2 million shares each. Those stocks all hit the ceiling or nearly hit the ceiling.