Stocks rebound after three days of falls (24/8)

[xiuchic]

Shares rebounded this morning on both national stock exchanges after three days of heavy losses following the arrests of two banking tycoons.

The benchmark VN-Index on the HCM City Stock Exchange regained nearly 8 points, or 1.97 per cent, to close this morning at 400.55 points on improved trading value of more than VND907.6 billion (US$43.2 million).

Gains by blue chips boosted the market, and saw most bank shares recover.
Vietinbank (CTG) and Military Bank (MBB) both hit the ceiling prices while Vietcombank (VCB) also rose 4.4 per cent. Only Eximbank (EIB) was off 1.7 per cent and Sacombank (STB) closed flat.

Other large-cap shares including Phu My Fertiliser (DPM), dairy giant Vinamilk (VNM), steelmaker Hoa Phat Group (HPG) and software producer FPT Corp (FPT) also jumped from 2-4.6 per cent.

The VN30 Index was up 1.62 per cent at 472.37 points.

Gainers outnumered losers by 149-54 overall, 48 of which hit the daily limit rise this morning.
Tan Tao Investment Industry Corp (ITA) was the most active this morning with almost 4.3 million shares changing hands, closely followed by Eximbank (EIB) with nearly 4.1 million shares traded. But while ITA was up 1.7 per cent to VND5,900 ($0.28) a share, EIB lost 1.7 per cent to end at VND17,700 ($0.84) a share.

On the Ha Noi Stock Exchange, the HNX-Index also edged up 2.79 per cent to finish at 62.94 points on a turnover of VND420.3 billion ($20 million).

Advancers overwhelmed decliners by 130-93 with bank shares rising.

Sai Gon-Ha Noi Bank (SHB) increased 6.2 per cent while ACB regained 3.3 per cent after three sessions of hitting the floor price. Small banks such as Nam Viet Bank (NVB) also rose 1.3 per cent.

Leading shares such as Kim Long Securities (KLS), VNDirect Securities (VND) and PetroVietnam Construction (PVX) also jumped 3-6 per cent, with the latter becoming the most active on trades of 6.4 million shares.

Trading will resume at 1pm