Markets mysteriously spike without supportive news

June 21, 2011 | 15:00

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The bourses were suddenly driven up at the session’s close Tuesday without any supportive news.

On Ho Chi Minh Stock Exchange (HoSE), almost all large-cap stocks gained, especially Bao Viet Holdings (BVH) and Vinamilk (VNM) hitting the ceiling.

Saigon Securities Inc. (SSI) hit the ceiling after outperforming the market with more than 2.3 million shares traded.

Hoang Anh Gia Lai (HAG), PetroVietnam Fertilisers (DPM) and Hoa Phat Group (HPG) were among top gainers.

A mass of stocks hit the ceiling at the session’s end, among them speculative stocks Ocean Group (OCG), Refrigeration Electrical Engineering (REE) and Tan Tao Investment Industry (ITA).

Up to 191 stocks gained on the southern bourse, with 64 hit the ceiling, while just 48 declining. The benchmark VN-Index was sharply up 11.11 points or 2.57 per cent to 443.74 points.

Trading volume tumbled to 29.7 million shares worth VND585 billion ($28.3 million), of which put-through volume reached 4.9 million shares worth VND137 billion ($6.7 million).

The Hanoi Stock Exchange (HNX) also significantly climbed 1.72 points or 2.28 per cent to 77.05 points.

Leading stocks PetroVietnam Construction (PVX), Kim Long Securities (KLS) and Bao Viet Securities (BVS), Vinaconex (VCG) and Sacomreal (SCR) all hit the ceiling at the session’s end.

More than 6.6 million PVX shares changed hands, while more than six million KLS shares were matched. A mass of major stocks were active on the northern bourse with from to four million shares each were traded.

As high as 230 stocks were up on HNX, with just 72 off. Trading volumes hit 52.7 million shares worth VND587 billion ($28.4 million).

By Hai Linh

vir.com.vn

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