Market rises on blue chip recovery

Friday, Apr 12, 2013 15:06

An investor monitors share movements at Maybank Kim Eng Securities Co in HCM City. — VNA/VNS Photo Hoang Hai


HA NOI (VNS) — Shares recovered yesterday after an unexpected steep plunge on Wednesday afternoon thanks to blue chip rally.

On the HCM City Stock Exchange, the VN-Index recouped 1.52 per cent to close yesterday's session at 504.07 points while the VN30 tracking the top 30 shares was also up 1.32 per cent at 565.76 points.

According to stock analysts, slumps of many blue-chips on Wednesday made their prices attractive for those after earnings prospects, stimulating trading of these shares.

Insurer Bao Viet Holdings (BVH) climbed 2 per cent yesterday after hitting the floor price on Wednesday. Sacombank (STB) surged 6.5 per cent while Vinamilk (VNM) regained 1.6 per cent.

Other heavyweight shares including Masan Group (MSN), Hoa Phat Group (HPG), Hoang Anh Gia Lai Co (HAG) and Phu My Fertiliser (PVF) also increased yesterday.

Trading declined from the previous session, however, totalling 52 million shares, worth nearly VND1.13 trillion (US$33 million), changing hands.

Saigon Securities Inc (SSI) became the most active code on trades of over 2.2 million shares by the end of the session, but declined 1.1 per cent to finish at VND18,300 a share ($0.87).

The HNX-Index on the Ha Noi Stock Exchange also grew 1.24 per cent to 61.08 points with trading value of over VND289.8 billion ($13.8 million).

Advancers edged up decliners by 117-64, led by blue chips, helping sustain the market rise.

PetroVietnam Construction (PVX) increased 2.2 per cent while the real estate company Sacomreal (SCR) and Sai Gon-Ha Noi Bank (SHB) rose by 1.3-1.5 per cent.

SHB was still the most active share with 8.5 million shares exchanged, finishing the session at VND7,000 a share.

Foreign investors were still net sellers on both exchanges yesterday, responsible for a combined net sell of VND66 billion ($3.1 million). — VNS

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