Stocks rally thanks to buyers’ effort

Vietnam’s benchmark VN-Index advanced the second day on July 5 as investors regained confidence after the State Bank of Vietnam lowered the interest rate on loans in open market operations by 100 basis points to 14% the previous day.

The shares of 288 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange escalated 1.32 percent, or 5.61 points, to close at 431.03 points.

On the benchmark, 183 stocks jumped, 47 retreated, while 63 remained unchanged.

Trading volume on the city bourse was up by 6 percent, however, trading value dropped by 7 percent over the previous trading session as 25.36 million shares changed hands at a value of VND390 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, was the most active share in volume with 1.83 million shares changing hands.

It was followed by Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) with 944,710 shares traded.

PetroVietnam Transportation Corporation (PVT) came in third with 797,020 shares.

Gainers on the southern trading floor included Kinh Bac City Development Share Holding Corporation (KBC), My Chau Printing & Packaging Holding Company (MPC), and Transport Engineering Construction & Business Investment Joint Stock Company 584 (NTB). They all bounded the daily maximum allowed limit of 5 percent to VND16,800, VND10,500, and VND8,400 respectively.

South Logistics Joint Stock Company (STG) sank for four consecutive days, losing 4.95 percent to VND21,100.

Hoang Quan Consulting - Trading - Service Real Estate Corporation (HQC) extended its losing streak to seven straight trading sessions, declining 4.93 percent to VND19,300.

Long Hau Corporation (LHG) ducked 4.86 percent to VND31,300 after treading water for eight days in a row.

The Hanoi’s HNX-Index of the smaller in the north sprang 1.78 percent, or 1.3 points, to finish at 74.31 points. Trading on the northern market improved by 54 percent in volume and 55 percent in value over the previous trading session as 29.2 million shares worth VND331 billion changed hands.

Meanwhile, the UPCoM-Index of unlisted shares strengthened 0.15 points, or 0.46 percent, to 32.89 points. A total of 140,100 shares changed hands at a value of VND1.25 billion as of 11:30 am local time.

By Phu Huu

Other news