Markets bounce back in style

The VN-Index jumped much stronger than yesterday, up 14.32 points or 3.4 per cent to 435.69 points. Of the same upward momentum, HNX-Index was up 2.25 points or 3.24 per cent to 71.73 points.

Trading volumes slightly increased to 33.9 million shares worth VND580.86 billion ($28.06 million), of which put-though volume make up a large part of 5.77 million shares.

Buyers massively bid for major stocks at high prices. Saigon Securities Inc. (SSI) outperformed the market with more than 1.8 million shares traded, with more than 280,000 bid orders at ceiling price outstanding at the session’s end.

Entire offer orders of several major stocks were matched, among them PetroVietnam Fertilizers (PVF), Hoang Anh Gia Lai (HAG), Hoa Phat Group (HPG) and Refrigeration Electrical Engineering Corp. (REE). All these stocks hit the ceiling or nearly hit the ceiling.

Bao Viet Holding (BVH), Masan Group (MSN) and Vincom Corp. (VIC) all hit the ceiling, much buoyed by foreign investors.

Sacombank (STB) and Eximbank (EIB) were also active, despite their prices being almost unchanged.

Just 35 stocks declined on southern bourse, notable Sao Mai Construction Corp. (ASM) hit the floor again after hitting the floor for the last eight sessions.

While the market was up unexpectedly, investors are largely kept skeptical and also raising concerns about market speculators’ driving forces.

“The market is seemingly pulled up from its depression by a group of market makers,” said Vietcombank Securities, added that “as long as the macroeconomics uncertainties persist, opportunity for stock market to rise remains narrow.”

On the Hanoi bourse investors strongly bid  for securities company shares, among them Kim Long Securities (KLS), VnDirect Securities (VND), Bao Viet Securities (BVS) saw hundreds of thousands of bid orders at ceiling prices remaining each at the close.

Coffee exporter Thai Hoa Viet Nam Group (THV) was active the most with more than 2.6 million shares traded.

Some 244 stocks advanced overwhelming 37 lost and 47 ended flat on the northern bourse, of which as high as 145 stocks hit the ceiling.