News sparks up market

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) significantly rose 3.78 points or 0.99 per cent to 383.88 points.

Investors’ sentiment calmed, after the regulators showed determination to rescue the market. Meanwhile, the benchmark had fallen deeply to 380 points – a support level believed to be attractive to investors.

“Although such determination of the government to rescue the market is not strong enough, investors have calmed down,” said FPT Securities.

Sellers lowered their offerings. Meanwhile, buyers started cashing in.

Real estate major stocks Vincom Corp. (VIC), Ocean Group (OGC), Hoang Anh Gia Lai (HAG) jumped with large volumes matched. Song Da Urban & Industrial Zone Investment and Development (SJS) even hit the ceiling.

Financial shares modestly gained, among them Saigon Securities Inc. (SSI), Vietcombank (VCB), Vietinbank (CTG), PetroVietnam Finance (PVF) and Bao Viet Holdings (BVH) jumped 2.56 per cent.

Sacombank (STB) lost, although it was still active the most on the market with 1.5 million shares matched.

Liquidity reached 25.1 million shares worth VND419 billion ($20.2 million). Among them some 5.3 million shares worth VND139.7 billion ($6.7 million) were negotiated.

The HNX-Index of Hanoi Stock Exchange gained 0.5 points or 0.82 per cent to 61.68 points. Advancers outran decliners 143 to 91 on the northern bourse.

However, demand for shares was weak. Matching volumes of major stocks like Kim Long Securities (KLS), VNDirect Securities (VND), PetroVietnam Construction (PVX) stood at just 1-3 million shares each. Those stocks modestly climbed.

Overall, some 23.7 million shares worth VND214.1 billion ($10.3 million) changed hands.