VN-Index jumps most in three months on bargain hunting

Vietnam’s benchmark VN-Index rebounded the most in three months on March 10 as investors bought heavily with confidence that stocks dropped excessively after the central bank tightened monetary policy to control rising inflation.

The gauge of 281 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange jumped 2.55 percent, or 11.98 points, to close at 482.49 points.

Among the index members, 233 advanced, 28 retreated, while 25 remained unchanged.

Trading on the southern trading floor improved by 48 percent in volume and 33 percent in value over the previous trading session as 46.2 million shares changed hands at a value of VND977 billion.

Vietnam Mechanization Electrification & Construction Joint Stock Company (MCG) was the most active share in volume with 2.41 million shares changing hands.

It was followed by Vietnam Joint Stock Commercial Bank for Industrial and Trade or Vietinbank (CTG) with 2.15 million shares.

Saigon Securities Inc. (SSI), the country’s largest brokerage, dropped to the third rank with 1.39 million shares changing hands.

Gainers on the city bourse included Sao Ta Foods Joint Stock Company (FMC), Mirae Joint Stock Company (KMR), and PetroVietnam Transportation Corporation (PVT). They all escalated the daily maximum allowed limit of 5 percent to VND12,600, VND6,300, and VND8,400 respectively.

Vung Tau Construction & Real Estate Joint Stock Company (VRC) recovered 4.98 percent to VND23,200.

Vinacafé Bien Hoa Joint Stock Company (VCF) edged up 4.97 percent to VND46,500.

The newly listed Cuu Long Petro Urban Development & Investment Corporation (CCL) fell for three consecutive days, losing 4.94 percent to VND23,100.

Beton 6 Corporation (BT6) capped its three-day rising streak, chopping 4.87 percent to VND21,500.

Water Supply Sewerage Construction & Investment Joint Stock Company (VSI) reduced 4.86 percent to VND13,700.

The smaller in the north recovered at the steepest pace since the beginning of this year as the Hanoi’s HNX-Index rocketed 4.36 percent, or 3.86 points, to close at 92.31 points. Trading volume was at 32.1 million shares worth VND464.3 billion.

Meanwhile, the UPCom-Index of unlisted shares market inched up 0.37 points to 39.06 points this morning. A total of 120,000 shares changed hands at a value of VND1.14 billion as of 11:10 am local time.

By Gia Han

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