Southern market heads north

At the open, the benchmark VN-Index soared nearly five points, helped by Bao Viet Holdings, Saigon Securities Inc. (SSI), Kinhbac City Development Share Holding Corp. hitting the ceiling and several other large-cap stocks like Masan Group (MSN), Vietinbank (CTG) jumping.

Advancers overwhelmed decliners during this time. Several believed the market was rebounding after falling too deeply in previous trading days.

The trend, however, became weaker at the session’s end. The VN-Index closed at 418.18 points, up 0.93 points or 0.22 per cent.

Large-cap stocks were largely up with just slight gains. Hoang Anh Gia Lai (HAG) nearly hit the ceiling after strongly losing in three straight sessions.

Banking shares meanwhile ended flat, among them Sacombank (STB), Vietinbank (CTG), Eximbank (EIB) and Vietcombank (VCB). Some 114 stocks climbed on the southern bourse, while 83 declining and 80 unchanged.

Put-through volumes soared to 23.1 million shares worth VND242 billion ($11.7 million) on HoSE today, mainly helped by Saigon Securities Inc. (SSI) transferring 10.7 million VFMVFA units to SSIAM.

Hung Vuong Corp. (HVG), Vinh Son-Song Hinh Hydropower (VSH), Sacombank (STB) and Southern Seed (SSC) were also strongly changing hands via put-through method at some millions units each.

Matching volume remained very low. Trading volume reached 40.37 worth VND560 billion ($27 million).

Hanoi Stock Exchange’s (HNX) HNX-Index lost 0.33 points or 0.46 per cent to 71.91 points, although advancers outrunning decliners 114 to 83.

PetroVietnam Power Land (PVL) nearly hit the floor, while Hoa Binh Securities (HBS) strongly dropped. Mid-cap stocks largely fell dragging the market.

Liquidity stood at 20 million shares worth VND282.84 billion ($13.7 million), mainly focusing on major stocks like Kim Long Securities (KLS), VnDirect Securities (VND) and PetroVietnam Construction (PVX). KLS outperformed the market with three million shares matched.