20/05/2015 15:40 GMT+7 Email Print Like 0

Markets recover as blue chips rally

Hanoi, May 20 (VNA) - A blue-chip recovery lifted the markets on May 19, but liquidity continued to drain.

On the Hochiminh Stock Exchange, the VN-Index recouped 1.49 percent after a hard fall on the previous session, closing the session at 536.82 points.

The VN30, which tracks the top 30 shares by market value and liquidity, was up 0.64 percent to end at 556.44 points.

Share prices became cheaper after a prolonged downtrend, but fears of a bull trap accompanied with slow trades impeded traders from investing strongly.

"The rally will need more tests as investors' sentiment remains volatile while negative news looms large," analysts of FPT Securities Co wrote on their website on May 19.

The market volume went down 11 percent from May 18, totalling nearly 94 million shares, while value of trades dropped 14 percent to reach 1.34 trillion VND (61.8 million USD).

On the Hanoi Stock Exchange, the HNX-Index rallied from 11-month low, rising 1.22 percent to finish at 77.44 points.

The market condition was positive as the number of gainers more than doubled losers.

Speculative stocks also attracted traders as the HNX30, which tracks the top 30 shares by liquidity, also added 1.45 per cent to conclude at 144.58 points.

The trading volume decreased slightly to just 39 million shares worth nearly 435 billion VND (20 million USD).

Foreign investors remained net buyers in the two markets, picking up combined shares worth more than 131 billion VND (6 million USD).
VNA/VNP