Stock Markets up on Recovery Hopes

The recovery continued on the Vietnamese stock markets today though volumes plummeted, with analysts saying investors are hopeful of an uptrend and are not selling.

HCMC’s VN-Index gained 3.95 points to close at 512.7, and Ha Noi’s HASTC-Index rose by 2.7 points to close at 178.58.

However, trading volume at the Ho Chi Minh City Stock Exchange was a mere 2.7 million, the lowest figure in the last 18 months, with foreign investors accounting for almost a sixth. Trading value was around VND166.5 billion (US$10.4 million).

In Ha Noi, the volume was an anemic 500,000 shares worth VND18 billion ($1.12 million), a 95.5 percent fall from Wednesday.

Even normally liquid stocks like Sacombank (STB), Phu My Fertilizer and Chemicals (DPM), Ree Technology (REE), Saigon Cables & Telecommunication Materials (SAM) and Vinh Son Hydropower (VSH) suffered a sharp drop in trading volume today. Only a few thousand changed hands compared to several millions on normal days.

Analysts said investors were hopeful of a sharp recovery and were sitting on their stocks as a result.

But lots of work still needs to be done by official agencies for that to happen.

Source SGGP, VN Express – Compiled by Khanh Hong

Other news