Market rebounds on blue chips

Investors monitor share movements at the Ha Noi Stock Exchange. Recovery of blue chips like Hoang Anh Gia Lai Co (HAG), Kinh Do Corp (KDC), Saigon Securities Inc and Vietcombank (VCB) helped lift the market yesterday. — VNS Photo Thai Ha

HA NOI  (VNS) — Stocks rebounded yesterday on the two exchanges after plunging to psychological support levels, led by blue chips.

On the HCM Stock Exchange, the VN-Index recouped 0.69 per cent to close the session at 553.93 points after dropping to the daily low of 550 points.

Recovery of blue chips like Hoang Anh Gia Lai Co (HAG), Kinh Do Corp (KDC), Saigon Securities Inc and Vietcombank (VCB) helped lift the market, with advancers doubling decliners.

The VN30, which tracks the top 30 shares by market value and liquidity, also climbed 0.75 per cent to finish at 609.33 points.

Bargain hunting pushed up liquidity. Market volume and value increased 20 per cent over Thursday's levels, totaling 77.4 million shares worth VND1.343 trillion (US$63 million).

FLC Group (FLC) remained the most active code by the end of the session with 9.7 million shares, closing flat at VND11,000 a share.

On the Ha Noi Stock Exchange, the HNX-Index added 0.18 per cent to end at 84.55 points while the HNX30, tracking performance of the top 30 shares, rose 0.65 per cent to 167.99 points.

Trading volume was little changed from the previous session, reaching just 42 million shares, but value of trades decreased 10 per cent to VND658.4 billion ($30.9 million).

KLF Joint Venture Global Investment Co (KLF), a subsidiary of FLC Group, was again the most heavily bought and sold stock with 8.9 million shares traded. The share price jumped 3.2 per cent to VND13,000.

Foreign investors returned to being net buyers in the HCM City market but bought just VND2.35 billion ($110,300) worth of shares. They remained net sellers on the Ha Noi exchange, unloading VND47.54 billion ($2.2 million) worth of shares. — VNS