Market starts week with a bang

The northern market (HNX) soared as much as 3.1 per cent or 2.52 points to 83.79 points. The benchmark surpassed the resistance level 80 points, triggering hopes the northern bourse was putting negative times behind it.

Bidding for shares maintained throughout the session and 295 stocks gained, among them 197 stocks hit the ceiling. Just 41 stocks were off and 23 were unchanged.

Gasoline stocks led the gainers with huge bidding for shares ordered at ceiling prices. A mass of stocks of the sector, including PetroVietnam Southern Gas (PGS), PetroVietnam Technical Services Corp. (PVS), PVI Investment and Development (PV2), PetroVietnam-Nghe An Construction JSC (PVA), Petro Vietnam Power Services (PPS), PetroVietnam Northern Gas (PVG), PetroVietnam Consultancy and Engineering Corp (PVE), saw the offering orders drying out at the session’s close.

Stocks of Song Da-family were also in demand. Song Da Industry Trade (STP), Song Da No. 9 (SD9), Song Da 3 (SD3), Song Da 2 (SD2) hit the ceiling with hundreds of thousands units matched.

Leading stocks also strongly jumped, boosting up the market. VNDirect Securities (VND), Bao Viet Securities (BVS), Kim Long Securities (KLS), Asia Commercial Bank (ACB) sharply jumped.

Liquidity reached 99.4 million shares worth VND1.1 trillion ($53.4 million) on the northern bourse, led by PetroVietnam Construction (PVX) with 7.5 million units matched.

Ho Chi Minh Stock Exchange (HoSE) also saw a strongly rallying session, with the benchmark VN-Index jumping 9.99 points or 2.1 per cent to end at 486.31 points. The benchmark broke the resistance level 485 points.

The rise was significantly supported by key pillar stocks Bao Viet Holdings (BVH) hitting the ceiling and Masan Group (MSN) soaring. Blue-chips also largely jumped on the southern bourse. But banking stocks saw just modest gains.

Liquidity reached 100 million shares worth VND1.8 trillion ($86.9 million).