The market opened at the low of the day as sellers lost control amid Wall Street stumble last night. However, the buying interest by bargain hunters and proprietary traders helped pared the market losses and finally sent the benchmark back to the positive ground.
Vietnamese stocks had small technical rebound on August 13 to close above 450 support as selling pressure eased at low prices while some aggressive buying calmed the market sentiment.
The benchmark VN Index regained 4.33 points or 0.97% to 452.73. Volume fell again to 45.95 million shares traded for VND1.349 trillion compared to 49.74 million shares traded for VND1.29 trillion on August 12.
The lower volume indicated that selling pressure eased but higher trading turnover showed that blue chips were more active today.
For the week, the gauge lost 30.09 points or 6.23% with the average daily trading volume of 47.3 million shares and average turnover of VND1.242 trillion. The index lost 42.02 points or 8.5 % year to date.
There was a doldrums of market driving news from local media, the market went on with buyers and sellers conviction, the market swung from the negative territory into the positive one several times before settling firmly in the green.
The market opened at the low of the day as sellers lost control amid Wall Street stumble last night. However, the buying interest by bargain hunters and proprietary traders helped pared the market losses and finally sent the benchmark back to the positive ground.
"We heard some prop book managers and some influential traders will be starting to bottom fish starting today" Michel, Associate Director with VCSC wrote in a note to clients.
In a note to customers, SBS technical analysts reiterated that 430 as the last leg for the bulls to protect their market and if panic increases, 400 will the next target. The broker, however, expected some buying forces to support the market at these point levels.
Market breath was broader with 139 gainers, 55 losers and 64 unchanged stocks, including 20 ceiling gainers and 10 floor losers. On this bourse, daily trading limit is capped at 5% each side.
Blue chips outperformed the whole market, only VCB and BVH were losers while VNM, MSN, and VIC were gainers, the rest stayed unchanged.
REE was the most active stock with 1.6 million shares traded, closing up 1.84 % to VND16,600.
STB ranked second in the list with 1.5 million shares traded, losing flat at VND15,600.
SSI was in the third place with 1.4 million shares traded, closing up 2.17% to VND28,300.
EIB and ITC followed with 1.2 million shares and 1 million shares traded, respectively, both were losers.
Foreigners speeded up their buying today with a net buying of VND 83.95billion billion on the HOSE.
On the Hanoi Stock Exchange, the HNX rebounded from the year low, adding 2.94 points or 2.23%.
Today volume rose to 39.16 million shares traded for VND963 billion compared with 37.47 million shares traded for VND885 billion on August 12 as bargain hunters were more active.
The market recorded 195 gainers, 94 losers including 37 ceiling gainers and 16 floor losers. On this bourse, daily trading limit is capped at 7% each side.
PVX were the most active stocks on the bourse with 5.08 million shares traded, closing up 1.79% to VND22,800.
KLS was in the second place with 2.75 million shares traded, adding 0.68% at VND14,900.
VCG ranked third in the list with 1.66 million shares traded, falling to the floor of VND30,400.
Today foreign players were net sellers of VND7.83 million of shares on this smaller cap bourse.
Source: stox.vn