Stock Market Ticks Back Up a Tad

An increase in buys and few orders to sell helped the VN-Index gain a slight 5.94 points to close at 924.37.

Investors went bargain hunting among devalued shares while many were reluctant to part with their stocks at lower prices.

Sacombank (STB) saw a drop of 50 percent in volume of trades at 772,790 shares, though its stocks price still rose VND1,000, helping the VN-Index reverse its ongoing slide at mid-session.

Big caps like Vinamilk (VNM) and Pha Lai Thermal Power (PPC) gained VND1,000. Others like Phu My Fertilizer and Chemicals (DPM), Hoa Phat (HPG), HaTien 1 Cement (HT1), Minh Phu Seafood (MPC), Ree Technology (REE) and Saigon Cables & Telecommunication Materials (SAM) remained unchanged.

Today’s session ended with 62 shares gaining and 37 losing. Among winners were Petro Vietnam Drilling and Well Services (PVD) gaining VND4,000, Saigon Securities (SSI), Tan Tao Industrial Zone (ITA), Schenker-Gemadept Logistics (GMD) and Kinh Do Food (KDC), all up VND2,000. FPT Corporation (FPT) and Sudico (SJS) were up by VND1,000 and Vinh Son Hydropower (VSH) rose by VND300.

Investors said the brief turnaround in the VN-Index is possibly a sign of temporary recovery while awaiting the results of Vietcombank’s share auction, to be announced at the end of this week. Most investors do not put too much hope on those results but recognize their inevitability.  

By Tuong Chau – Translated by Khanh Hong

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