Stocks rise after two falling sessions (12/9)

[xiuchic]

Stocks rebounded slightly this morning after two consecutive falling sessions but market liquidity continued to slide.

The VN-Index on the HCM City Stock Exchange regained 3 points, or 0.78 per cent, to close this morning's session at 389.62 points.

Trading volume and value decreased, however, as just 22 million shares, worth VND253 billion (US$12 million), changed hands, down 12 per cent in volume and 22 per cent in value from yesterday morning's levels.

Gainers edged up losers by 109-67, led by blue chips as indicated by the VN30 Index's increase of 0.62 per cent to 456.22 points.

Insurer Bao Viet Holdings rose to the ceiling while other large-cap shares such as Vietinbank (CTG), Vietcombank (VCB), Vinamilk (VNM), VinGroup (VIC) and Military Bank (MBB) posted increases from 0.7-1.9 per cent.

Tan Tao Investment Industry (ITA) was the most active share this morning with more than 4.4 million shares traded, declining 3.8 per cent to VND5,100 a share. Earlier this week, when rumours began to spread that ITA's chairman had been arrested for illegal behaviour, the company's shares dropped to the floor price and remained there for two days in a row.

On the Ha Noi Stock Exchange, the HNX-Index closed at 57.67 points, up 0.26 per cent, with a total value of almost VND125 billion ($6 million).

Market condition improved over yesterday with 85 codes rising, 67 declining and 241 closing flat.

PetroVietnam Construction Co (PVX) was the most active code with a whopping volume of 10.5 million shares changing hands, but they still fell another 5.6 per cent to close at VND5,100 a share.

Trading will resume at 1pm.

[xiuchic]

Stocks rebounded slightly on the HCM City Stock Exchange yesterday after two consecutive sessions of declines, with the VN-Index regaining 0.45 per cent to close yesterday's session at 388.35 points.

Trading volume and value decreased, however, as 32.6 million shares, worth almost VND387.4 billion (US$12 million), changed hands, down 9 per cent in volume and 15 per cent in value from yesterday's levels.

Gains by several blue chips continued to support the market, with the VN30 Index up 0.13 per cent to 453.96 points.

Tan Tao Investment Industry (ITA) was the most active share yesterday with more than 4.76 million shares traded, declining 3.8 per cent to VND5,100 a share.

On the Ha Noi Stock Exchange, the HNX-Index saw an overall decline by the end of yesterday's session, closing off 0.17 per cent at 57.42 points.

More than 28.8 million shares, worth almost VND186.7 billion ($8.9 million), changed hands yesterday.

Investors rushed to unload PetroVietnam Construction (PVX) shares, making them the most active code with a whopping volume of 10.6 million shares traded. PVX was not allowed to trade on margin starting from yesterday as the firm had suffered heavy losses during the first half of this year.

PVX closed off another 5.6 per cent to end yesterday at VND5,100 a share, its third straight day of declines.

The domestic gold price yesterday rose to a one-year high of more than VND46.6 million ($2,233) per tael, thanks to the robust increase of the world gold price, which was driven by the approval of the German court on the eurozone's bailout fund.

The world gold price is currently VND2.7 million ($129) higher per tael than the domestic retail price. (One tael is equivalent to 1.2oz.)