Vietnamese stocks surged the most in nearly 7 months on August 16 as investors hurried to buy shares on hopes of a sharp recovery after the benchmark lost over 6% last week and their sentiment has improved over the weekend.
The benchmark VN Index regained 12.03 points or 2.65% to 464.76. Volume fell slightly to 42.9 million shares traded for VND1.293 trillion compared to 45.95 million shares traded for VND1.349 trillion on August 13.
The lower volume indicated that caution still felt in the market but that came more from the sellers side with evidences from thin offers and heavy bids at the close.
There was a doldrums of headlines this morning except for some experts comments focusing on Circular No13. HSC said in a note to clients that "the SBV governor announced a delay in the implementation of the CAR threshold of 9% which will now be raised in stages from January 1st 2011" and thinks "whether or not the market rallies from here depends entirely on the details or the degree of the step-up in the CAR from January onwards will be one deciding factor".
The media so far has not yet get hold of this announcement but the strong rally today might the case of support from this news.
The market opened in the green and though the ATO volume was still low, the market gained 1.18% and index headed for 460 resistance. The buying interest got hotter and hotter and attracted more buying forces from the crowd as the market progressed. Heavy and aggressive ATC buying helped the index closed at the high of the day.
Market breath was broader with gainers overcrowded losers by a whopping 49-to-1, including 120 ceiling gainers and 3 floor losers. On this bourse, daily trading limit is capped at 5% each side.
Top most active stocks today were mostly high beta ones which indicated the risk appetite of traders. These stocks have been active for 4 consecutive sessions and the market was in a rollercoaster these days.
SSI was the most active stock with 1.69 million shares traded, closing up 4.95 % to VND29,700.
REE ranked second in the list with 1.17 million shares traded, jumping 4.82% at VND17,400.
STB was in the third place with 1 million shares traded, closing up 1.92% to VND15,900.
NVT and VSH followed with 1 million shares and 0.9 million shares traded, respectively, both were ceiling gainers.
Foreigners slowed down their buying on the southern bourse today on a cautious mood of market sharp increase, their net buying was VND 7.99billion on the Hochiminh Stock Exchange.
On the Hanoi Stock Exchange, the HNX also surged 5.14 points or 3.81% to 140.11 and the gain was broad-based.
Today volume fell to 34.58 million shares traded for VND835 billion compared with 39.16 million shares traded for VND963 billion on August 13 as bargain hunters were more active.
The market recorded 302 gainers, 10 losers including 15 ceiling gainers and 16 floor losers. On this bourse, daily trading limit is capped at 7% each side.
KLS were the most active stocks on the bourse with 4.29 million shares traded, closing up 5.37% to VND15,700.
PVX was in the second place with 3.87 million shares traded, adding 4.82% at VND23,900.
VCG ranked third in the list with 1.6 million shares traded, falling 5.62% to VND32,000.
Today foreign players were net sellers of VND1.27 billion of shares on this smaller cap bourse.
Source: stox.vn