Shares bounce back with strong gains

Shares recovered beyond expectations on April 22 after registering a fall in seven out of the eight previous trading sessions, thereby surpassing forecasts of even the most optimistic analysts.

On the Hochiminh Stock Exchange, the VN-Index added 11.73 points, or as much as 2.1 percent, to finish at 569.87 points, the highest recorded level during the day's trading session.

Huge gains were registered in large-cap stocks, as investors injected money, thereby helping the market to reverse the downward trend to close higher.

The VN30-Index, tracking the southern exchange's largest stocks by capitalisation and liquidity, added 17.21 points, or 2.8 percent higher, to finish the day at 630.88 points.

According to FPT Securities, it was forecast that the market will continue to advance, as many investors believed that the VN-Index had fallen to reach its bottommost level and was now on its course to recovery.

This trend was reflected through the low level of trading volume and value, as investors were not keen on selling stocks on April 22 and were waiting for profit-booking in the near future.

Only more than 99 million shares worth 1.6 trillion VND (76.1 million USD) changed hands.

The billboard was predominantly green with 187 codes finishing higher, while 51 codes recorded a fall.

Among blue chips, only Kinh Do Corporation (KDC) lost value, seen sliding 0.9 percent to 53,000 VND (2.5 USD) per share.

Eximbank (EIB) and PetroVietnam Low Pressure Gas Distribution (PGD) closed flat.

Four blue chips advanced to reach their ceiling prices, namely Hoa Phat Group (HPG), Tan Tao Group (ITA), Becamex IJC (IJC) and Ocean Group (OCG).

Stocks of the securities sector were also active on the same day with HCM Securities (HCM) gaining 6.8 percent to reach its ceiling price of 34,400 VND (1.6 USD), Saigon Securities (SSI) rising 6.6 percent and Agribank Securities adding 5.1 percent. Many small-cap stocks also reached their ceiling prices. Over all, on the southern bourse, 47 codes closed at their ceiling prices.

On the Hanoi Stock Exchange, the HNX-Index added 2.52 percent to end at 80.86 points. The HNXFF-Index, composed of stocks with minimum free float rate of 5 percent, climbed to reach 82.03 points, 3.06 percent higher.

Blue chips strongly advanced on the northern bourse with the HNX30-Index adding 7.51 points, or 4.8 percent, to end at 164.04 points.

Over all, gainers overwhelmed losers by 171-41. With 65 million shares traded, the trading value reached 657.7 billion VND (31.3 million USD).

Despite the gains registered on April 22, FPT Securities warned investors to be cautious and closely track the market fluctuations and activities of foreign investors, as the market lacked supportive information to ensure a stable upward trend.

Foreign investors remained net buyers on the same day with net volume and value of 3.3 million shares and 87.48 billion VND (4.1 million), 54.53 percent and 38.6 percent lower than the previous session.-VNA

Source: Vietnamplus

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