Market roars back into life

The market roared from the open, with Hanoi Stock Exchange (HNX) bouncing back from the end of yesterday’s session, encouraging power demand in today’s session.

Both benchmarks accelerated during the session. The VN-Index of Ho Chi Minh Stock Exchange (HoSE) soared 10.46 points or 2.45 per cent, ending at 437.38 points. The benchmark slightly gained 2.43 points against last Friday.

Several blue-chips helped drove the market. Bao Viet Holdings (BVH) and Vietcombank (VCB) both hit the ceiling. Banking shares sharply gained, among them Vietinbank (CTG), Military Bank (MBB) hit the ceiling and Sacombank (STB) up 2.41 per cent.

Blue-chips Song Da Urban & Industrial Zone Investment and Development (SJS), PetroVietnam Drilling and Well Services (PVD), Hoa Phat Group (HPG), FPT Corp. (FPT) strongly jumped.

A large number of speculative stocks bounced back.

Real estate stocks massively rallied. Tan Tao Investment Industry Corp. (ITA), Sao Mai Construction Corp. (ASM), Vietnam Electricity Construction (VNE), International Development and Investment Corp. (IDI), Hoang Quan Consulting-Trading-Service Real Estate Corp, (HQC), Becamex Infrastructure Development (IJC) jumped 4-5 per cent each with top liquidity levels.

Rubber stocks Southern Rubber Industry (CSM) and Danang Rubber (DRC) both hit the ceiling with more than 500,000 units matched each, while Sao Vang Rubber (SRC) also jumped 4.4 per cent with nearly 300,000 units matched. Some mineral stocks like Nari Hamico Minerals (KSS), Tay Bac Minerals Investment (KTB) modestly rebounded.

Some 246 stocks were up compared with just 29 off on the HoSE. However, selling pressures remained. Offering orders were still large for speculative stocks.

Liquidity modestly rose on the southern bourse. Trading value reached VND1.29 trillion ($62.3 million), with 77.8 million shares.

Demand for shares was stronger on HNX, particularly at leading stocks like PetroVietnam Construction (PVX), Habubank (HBB), VNDirect Securities (VND), Kim Long Securities (KLS), Sacomreal (SRC).

Bidding for shares rose high throughout the northern bourse, booting 284 stocks up. Among them, up to 180 stocks hit the ceiling. The benchmark HNX-Index soared 3.26 per cent or 2.4 points to end at 76.06 points.

Some 52 million shares worth VND535.5 billion ($25.9 million) changed hands on the bourse.