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Vietnamese stocks rise on bargain hunting
June 5, 2012 / 8:57 AM / 6 years ago

Vietnamese stocks rise on bargain hunting

(Updates with market close, foreigner trading, comments)

HANOI, June 5 (Reuters) - Vietnamese stocks closed slightly higher in a technical recovery on Tuesday as investors sought bargains, particularly in Sacombank, analysts said.

Foreigners sold 181.44 billion dong ($8.68 million) worth of stocks and bought shares valued at 70.09 billion dong on the Ho Chi Minh Stock Exchange, the exchange said.

VN INDEX

Up 1.05 percent at 421.02 points.

Volume of shares traded: 101.79 million.

Value of shares traded: 2.08 trillion dong.

Largest gainers, largest losers

HNX INDEX

Up 1.48 percent at 73.58 points.

Volume of shares traded: 37.49 million.

Value of shares traded: 369.59 billion dong.

Largest gainers, largest losers

Analyst comments

Vu Thanh, analyst, ACB Securities:

”The market rebounded technically as investors bottom-fished, expecting a cut in fuel prices in the future, while supply dried up.

”The value of transactions via negotiations rose, mainly thanks to Sacombank.

“Stocks are likely to recover to hit 440 points this time. Without supportive macro news and big cash inflows, the market may correct afterwards.”

Nguyen Hoang Long, director of brokerage, An Binh Securities:

”The market had a technical recovery after a month-long correction, while there hasn’t been any fresh supportive macro news.

”Investors are interested in bad debt and corporate performance. Sooner or later solutions to the bad debt issue will be found and there won’t be any collapse.

“420-430 points are the firm support territory, the market will need one or two sessions to re-test the trend.” ($1=20,900 dong) (Reporting by Vu Duy; Editing by Ho Binh Minh and Sunil Nair)

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