Excessive panics caused steep slumps in the past weeks, a stock analyst said. "Investors felt calmer after the weekend break," he added. The HNX-Index, the measure of 327 stocks, added 5.14 points, or 3.81%, to 140.11, extending the two-day gains to 6.12%. Last week, the benchmark sank 7.64% and touched the lowest close since May 15, 2009 on Thursday.
Shares on the Hanoi Stock Exchange broadly advanced on the first day of the weekly and second day in a row, paring the steep loss in the past weeks, as investors rushed to hunt for cheap shares after the market benchmark plunged to a 16-month low.
The gauge slid 25% from this years high of 187.22 points on May 6 and 16.7% this year, according to data from FPT Securities, which runs this website.
The market breadth was positive on the northern bourse where 303 stocks advanced, 12 declined, four closed unchanged and seven were untraded. At the close, 189 stocks ended at ceiling prices which were capped at 7%.
Mineral and Mechanical Joint Stock Company (MIM), which floated 2 million shares on the northern bourse, closed at VND35,000 per share on an average of 9,800 shares traded.
The market liquidity declined 12% from last Friday to 34.6 million shares valued at VND835 billion, down 13%, as shareholders did not want to release more shares.
Kim Long Securities (KLS) topped the market liquidity on a trade of 4.3 million units, which rallied 5.37% to end at VND15,700.
PetroVietnam Construction (PVX), the second most active stock on trade of 3.87 million shares, rose 4.82% to end at VND23,900.
Vinaconex (VCG), the largest construction firm on the gauge, surged 5.26% to end at VND32,000 with 1.4 million shares changed hands, the third most active.
All 10 biggest stocks by value soared. Bao Viet Securities (BVS) advanced 5.33% to finish at VND23,700. PetroVietnam Insurance (PVI) jumped 5.83% to VND21,800.
SAF was the biggest loser, dropping 6.77% to VND35,800 on a trade of 200 shares, just two times larger than the minimum volume required for an trading order.
Source: fpts.com.vn