Speculative stocks run to rescue

Securities company shares largely recovered, after keeping quite in many previous sessions. Saigon-Hanoi Securities (SHS) hit the ceiling with more than 2.3 million shares matched. Bao Viet Securities (BVS) jumped, while VNDirect Securities (VND), Kim Long Securities (KLS) significantly climbed.

Shares of small brokerage firms like Vietnam Investment Securities (IVS), Xuan Thanh Securities (VIX) also hit the ceiling.

Several pennies also hit the ceiling on the northern bourse thanks to robust speculative investment flows, among them Sacomreal (SCR), PVI Investment and Development (PV2), Post and Telecommunication Equipment Factory (POT).

Mineral stocks also soared on the HNX. Bac Kan Mineral (BKC), Hung Long Mineral and Building Material (KHL), Cavico Industry and Mineral (CMI) all hit the ceiling with big bidding volumes.

The sector jumped back today despite concerning around loss-results of companies in the sector. Mineral stocks saw a temporary fall yesterday, but continued rising in today’s session. On the Ho Chi Minh Stock Exchange (HoSE), Bac Giang Exploitable Mineral (BGM), Binh Thuan Hamico Mineral JSC (KSA), Binh Duong Mineral & Construction (KSB) hit the ceiling, being among top active stocks. Na Ri Hamico Mineral (KSS) turned head to rise after falling down during the session.

The HNX-Index closed up 0.34 points or 0.43 per cent, ending at 79.69 points.

The HoSE significantly fell and the VN-Index slipped 3.66 points or 0.77 per cent further, closing at 468.8 points, after a number of major stocks skidded.

Pillar stock Masan Group (MSN) hit the floor, strongly dragging down the market. Bao Viet Holdings (BVH) also dropped, while Vinamilk (VNM) significantly losing.

Several major stocks also turned negative, among them Ocean Group (OGC), Vietinbank (CTH), Vietcombank (VCB) and Sacombank (STB).

However, liquidity was good with robust purchasing power from speculators who picked up cheap shares. Total volumes hit 94.4 million shares worth VND938.5 billion ($45.3 million) on the HNX. The HoSE saw 104 million shares worth VND1.57 trillion ($75.9 million) changing hands.