Speculators drive up market

Tan Tao Investment Industry Corp. (ITA) hit the ceiling from mid morning trading until the session’s close. The stock outperformed the Ho Chi Minh Stock Exchange (HoSE) with as many as 5.2 million shares matched.

Kinh Bac City Development Share Holding Corp. (KBC) followed with 2.1 million shares matched. The stock also hit the ceiling from the middle of the session, but ending up 3.92 per cent.

The sudden rise of two stocks drove up speculators’ sentiment. Bidding for shares increased in most speculative stocks in real estate and mineral sectors.

Tay Bac Minerals Investment (KTB) hit the ceiling with more than 1 million shares matched. Lao Cai Mineral Exploitation & Processing (LCM), Nari Hamico Minerals (KSS), Binh Thuan Mineral Industry (KSA) hit the ceiling with hundreds of thousands shares matched.

Numerous real estate and construction stocks sharply jumped on increasing bidding volumes, among them Post and Telecommunications Investment and Construction (PTC), Hoa Binh Construction & Real Estate Corp. (HBC), Petro Capital Infrastructure Investment (PTL), Petroleum Industrial and Civil Construction (PXI) were active the most.

Of the same situation, Hanoi Stock Exchange (HNX) also saw numerous real estate and mineral stocks strongly rising some 4-5 per cent.
Some 153 stocks ended higher on the HoSE, compared with 58 off and 98 unchanged. On the HNX, 131 stocks advanced, outrunning 90 declining.

However, large-cap stocks stayed sluggish with lack of supportive news from macroeconomics, reining in the rise of the two benchmarks. HoSE’s VN-Index slightly added 0.99 points or 0.25 per cent to 394.6 points. Meanwhile, HNX-Index climbed 0.88 points or 0.14 per cent to 55.51 points.

Liquidity remained very weak with matching values amounting to just VND588 billion ($28.4 billion). Put-through values were also low. Some 38 million shares worth VND486.4 billion ($23.5 million) changed hands on HoSE and 27.8 million shares worth VND192.6 billion ($9.3 million) were traded on HNX.