Southern hub heads north

The benchmark VN-Index gained 2.7 points or 0.7 per cent to 390.67 points, after strongly fluctuating and falling nearly 4 points during the session.

Pillar stocks and other blue-chip stocks turned back to support the market. Vincom Corp. (VIC) jumped 3.67 per cent to VND113,000, while Vinamilk (VNM) and Bao Viet Holdings (BVH) slightly added.

Real estate stocks Hoang Anh Gia Lai (HAG), Ocean Group (OGC), Kinh Bac City Development Share Holding Corp. (KBC), Tan Tao Investment Industry Corp. (ITA) suddenly hit the ceiling, while the speculative stock Becamex Infrastructure Development (IJC) also soared.

PetroVietnam Finance (PVF) and Eximbank (EIB) jumped, but Vietcombank (VCB) and Military Bank (MBB) significantly fell.

Liquidity was good, with total trading volumes hit VND622 billion ($30 million) on the HoSE compared with around VND500 billion ($24.1 million) in yesterday’s session. The put-through volume strongly rose to 8.4 million shares worth VND204 billion ($9.9 million).

EIB outperformed with up to 2.5 million shares matched. The banking stock also had the biggest put-through volume of 3.5 million units.

Analyst, however, are still concerned, as interest rates have yet to cool and other macroeconomic factors have not been positive.

“It is easy to see that the recent positive sessions are not in line with domestic macroeconomic movements,” said Vietcombank Securities.

In fact, more stocks fell as holders locked profits. Decliners and advancers ran nearly even 110 to 109 on the HoSE, while 89 stocks unchanged.

The Hanoi Stock Exchange also eased back with HNX-Index lost 0.12 points or 0.2 per cent to 60.47 points.

Major stocks, particularly financial ones, like Asia Commercial Bank (ACB), Habubank (HBB), Kim Long Securities (KLS), Bao Viet Securities (BVS) turned head to fell dragging the market. Decliners strongly outran advancers 147 to 95 on the bourse.

Liquidity also kept low at 30.6 million shares worth VND238.2 billion ($11.5 million).