May 9: Vietnam stocks rise as blue chips rebound

Vietnam’s stocks kicked off the new week in the green on the rebound of heavy-weighed blue chips, liquidity still at low level.

The benchmark VN Index gained 4.76 points or 1% to 477.47. Volume fell 20% to 18.9 million shares traded for VND401.54 billion compared with 23.7 million shares traded for VND794.33 billion last Friday. Put-through trading volume also fell to 2.54 million shares worth VND62.56 billion.

The rebound of heavy weighed blue chips MSN, BVH, VPL, VNM buoyed the market and the index emerged from negative ground into the positive one in late trading.

The gain today has the participation of broader market from blue chips to pennies, PVF, SSI, KBC, FPT, DPM, CTG were gainers, SBS, DRC, DVD, PTL were among ceiling gainers.

Easing pressure of price hikes is likely attributed to the stronger market performance in the past two days. Vietnam is likely to keep electricity price unchanged in June 1 review, while plummet of global crude oil in the past week dispelled the fear of local retail petro price hike.

Media started posting articles related to the likelihood of Vietnam’s property bubble and a burst, Landview.vn quoted Le Xuan Nghia, vice chairman of Vietnam’s National Financial Supervision Commission (NFSC) as saying that Vietnam has not yet gathered enough conditions for a property burst now, it might happen in 10 years time at the soonest.

The National Assembly said no to proposal of reduction, exemption of individual income tax by the Ministry of Finance.

In related news, headlines showed that banks slowed down gold deposit activities, dollar trading in the grey market was sluggish as dollar supply at banks is abundant. Local gold prices rose to VND37.55 million –VND37.66 million a tael for bid and ask respectively while dollar prices were VND20,560 –VND20,680 for bid and ask at Vietcombank, down VND190 for offer from May 8.

Market breadth was positive, gainers outweighed losers by 150-82, 57 stocks unchanged. The number of floor losers fell to 18 while 27 others gained 5% limit.

SSI was only stock in the top 5 most active one having trading volume over 1 million shares. SSI was also the stocks which saw demand at high prices from very beginning of the trading today.

SSI was the most active stock with 1.87 million shares traded, closing up 2.48%to VND20,700.

LCG ranked second in the list with nearly 0.4 million shares traded, closing up 2.4% to VND26,100.

TLH was in the third place with 0.4 million shares traded, closing up 3.8% to VND8,200.

STB and ITA followed in the list with 0.4 million shares and 0.36 million shares traded, respectively.

On the Hanoi Stock Exchange, the HNX continued posting a gain of 0.59 point or 0.71%, closing at 83.28. Trading volume rose 63% to 30.4 million shares worth VND391.34 billion, including nearly 4.8 million shares changed hands in the put-through deals. Gainers outnumbered losers by 175-97, and 46 stocks unchanged.

Bottom fishing efforts continued in this bourse.

VND was the most active stock on the bourse with 3 million shares traded, closing up 4.3% to VND14,700 on average.

THV ranked second in the list with 2.2 million shares traded, closing up 2.8% to VND11,100.

KLS was in the third place with 1.8 million shares traded, closing up 3.2% to VND9,800. – Stoxplus.com

Tags: vietnam stock, Vietnam stock market, VNindex