Stocks on the Hochiminh Stock Exchange (HOSE) opened a new week in a high note to extend the winning streak to two days as investors rushed to buy shares on speculation that shares were attractive cheap. Gains accelerated through the day as bids surged, a stock analyst said. "Mounting buying force sent many shares to close at the high of the day," he added.
"Shares have dropped to below intrinsic values due to excessive panics in the past days" a trader in Hanoi said.
The VN-Index, the measure of 253 stocks and five closed-end funds, added 12.03 points, or 2.66%, to end at 464.76. The benchmark lost 6.23% last week and sank to the lowest close since December 21, 2009 on Thursday.
The gauge has declined 15.4% from the yearly high and 6% so far this year, according to FPT Securities, which manages this website.
The market breadth was positive on the Hochiminh Stock Exchange where 243 stocks advanced, seven declined and eight closed unchanged.
The market liquidity declined 7% from last Friday to 43 million shares and fund units valued at VND1,294 billion, down 4%.
Foreigners bought net VND8billion of Vietnamese shares today as they purchased 1.6 million shares at VND60.8 billion and sold 1.72 million units for VND52.8 billion.
Saigon Securities Inc (SSI), the largest listed stock broker, was the most active stock on a trade of 1.69 million shares, which jumped 4.95% to VND29,700.
Refrigeration Electrical Engineering Corporation (REE) came second in liquidity with 1.17 million units, which climbed 4.82% to end at VND17,400.
Sacombank (STB), the fourth largest listed lender, added 1.92% to end at VND15,900 on a trade of 1 million units, becoming the third most active issue.
At the market close, 120 stocks closed at the ceiling prices, which are capped at 5%, according to FPT Securities.
VFMVFA, the latest listed fund, was the biggest loser, sliding 4.82% to close at VND7,900.
Source: fpts.com.vn