VN-Index shoots up on bottom fishing

The Vietnam’s benchmark VN-Index curbed its ten-consecutive-trading-session losing streak, making a U-turn on May 26 as investors increased buying on speculation that stocks’ values were attractively low.

The shares of 284 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange rallied 3.02 percent, or 11.68 points, to close at 398.04 points.

On the trading floor, 194 stocks advanced, 61 declined, while 34 remained unchanged.

Trading on the city bourse improved by 33 percent in volume and 20 percent in value over the previous trading session as 47.22 million shares changed hands at a value of VND806 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, took the spot of most active share in volume with 3.42 million shares changing hands.

Tan Tao Investment & Technology Joint Stock Company (ITA) came next with 3.3 million shares changing hands.

Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) ranked third with 2.04 million shares traded.

Winners on the city bourse included Sao Ta Foods Joint Stock Company (FMC), General Materials Biochemistry Fertilizer Joint Stock Company (HSI), and Interfood Shareholding Company (IFS). They all recovered the daily maximum allowed limit of 5 percent to VND10,500, VND8,400, and VND12,600 respectively.

Construction company Lilama 18 Joint Stock Company (LM8), cosmetic producer SPM Joint Stock Company (SMP), and food producer Vinh Hoan Corporation (VHC) were the biggest losers on the southern trading floor today. They all gave up 5 percent to VND9,500, VND43,700, and VND26,600 respectively.

Hoang Quan Consulting - Trading - Service Real Estate Corporation (HQC) fell for four days in a row, receding 4,97 percent to VND28,700.

Hang Xanh Motors Service Joint Stock Company (HAX) plummeted for six consecutive trading sessions, losing 4.95 percent to VND9,600.

The Hanoi’s HNX-Index of the smaller in the north gained the first time in 13 trading sessions, rebounding 1.93 percent, or 1.33 points, to close at 70.34 points. Trading volume doubled that of the previous trading session as 58.7 million shares worth VND565.96 billion changed hands.

Meanwhile, the UPCoM-Index of unlisted shares inched up 0.08 points to 32.45 points this morning. A total of 60,042 shares changed hands at a value of VND710 million as of 11:10 am local time.

By Mai Tuyet

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