Markets rally on positive signs

Domestic gold dipped more than VND2 million per tael this morning to around VND45 million, driven by a sharp decrease in the metal’s global price and the central bank’s moves to stabilize the domestic gold market.

Blue-chips largely jumped on Ho Chi Minh Stock Exchange (HoSE). Vincom Corp. (VIC) advanced 3.96 per cent to VND105,000, Masan Group (MSN) gaining 1.55 per cent to VND98,000, while Bao Viet Holdings up 1.8 per cent to VND56,500.

Financial shares Saigon Securities Inc. (SSI), Vietinbank (STG) and PetroVietnam Finance (PVF) all added more than 2 per cent.

Speculative stock Tan Tao Investment Industry Corp. (ITA) ended 2.22 per cent higher. Refrigeration Electrical Engineering Corp. (REE) and Kinhbac City Development Share Holding Corp. (KBC) both hit the ceiling.

Among the gainers, real estate shares still outperformed with Licogi (LCG) and Investment, Trading of Real Estate (ITC) and Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC) all hitting the ceiling.

At the close, the VN-Index significantly rose 4.97 points or 1.25 per cent to 401.65 points. Some 133 stocks were up, while 80 were off and 86 unchanged.

However, sellers largely offered high, while buyers accepted low prices keeping liquidity modest. Matching volume was almost unchanged at 22.7 million shares on the HoSE today.

Total volume reached 30 million shares worth VND506 billion ($24.7 million), helped by the put-through volume rising to 7.2 million shares worth VND169 billion ($8.2 million).

Hanoi Stock Exchange’s (HNX) HNX-Index also rose 0.67 points or 0.97 per cent to 69.75 points. Advancers, decliners and unchanged stocks ran evenly at 100 each.

Investors strongly flew in major speculative stocks like Kim Long Securities (KLS), VnDirect Securities (VND), PetroVietnam Construction (PVX), Vietnam Construction and Import-Export (VCG), Ha Noi Investment General Corp. (SHN) and Bao Viet Securities (BVS).

Liquidity was quite high on the northern bourse at 40 million shares worth VND447.74 billion ($21.8 million), of which up to 38 million shares were matched.