May 9: HNX-Index climbs second day on rally hopes

Stocks on the Hanoi Stock Exchange advanced for a second straight day on Monday as investors increased buying on hopes that the rally was taking shape after the market gauge reached a 26-month low.

The investor sentiment improved although there is some hesitance that gave rise to a short tumble in the middle of trading day, a stock analyst said. “Bottom fishing intensified as bad news seemed to come out and investors had been familiar with that,” he added.

The buy-side increased bids when the market slid at the back of HOSE declines weighed by some large-cap stocks, thus sending up the liquidity to a two-week high, he noted.

The HNX-Index, the measure of 383 stocks, added 0.59 points, or 0.71 percent, to end at 83.28. Last week, it lost 1.1 percent of the value.

The gauge value, which slumped nearly 27 percent in the year to date, sank to the lowest close since March 4, 2009 on Thursday.

The market breadth was positive on the northern bourse where 175 stocks advanced, 97 declined, 46 closed unmoved, and 65 were untraded.

Trading volume was up 41 percent from last Friday to 30.44 million shares valued at 392 billion dong, up 33 percent.

VNDirect Securities (VND), the most active on the measure with 3.1 million shares changed hands, rose 426 percent to end at 14,700 dong.

Thai Hoa Vietnam (THV), a coffee producer and exporter, coming second in liquidity on a trade of 2.2 million units, leaped 2.78 percent to end at 11,100 dong.

Kim Long Securities (KLS) jumped 3.16 percent to close at 9,800 dong on a trade of 1.83 million shares, the third most active.

HGM led the upswings with 6.94 percent gains, closing at 95,500 dong. KST was the biggest loser, erasing 6.99 percent to 7,300 dong. – FPTS

Posted by VBN on May 9 2011. Filed under Stock. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry