Penny stocks drive index up

Penny stocks drive index up

Phuong Thao

HCMC – The strong rises of penny stocks drove the VN-Index to a fresh high this year at 792.98 on August 7, up 4.3 points, or 0.55%, compared to last Friday.

Many small stocks such as KSA, HAI, AMD and HAR went up to the ceiling prices. Meanwhile, rubber producer VHG, property firm HQC and seafood processor ASM failed to hit the upper limits though increasing strongly on high volume of 10.8 million shares, 9.8 million shares and 8.8 million shares respectively.

Among large caps, petroleum drilling firm PVD closed at near the intraday high of VND15,900 a share, rising 2.2% against the previous session, on volume of nearly eight million shares. Along with gas group GAS and Vietnam’s top brewer SAB, the three stocks lifted the main index up by over two points.

On the Hanoi market, many HNX30 stocks decreased in the afternoon. Notably, VCS, which is active in the manufacturing sector, fell 5.3% to the intraday low of VND178,000 per share.

However, the HNX-Index still advanced for the third straight session thanks to bank and petroleum stocks, gaining 0.46% versus last Friday at 102.4. Turnover on the northern market improved 34% in volume and 3.5% in value to 88.6 million shares worth VND830 billion.

Bank stock SHB remained the most actively traded stock, rising 1.2% at VND8,200 a share on matching volume of 15 million shares, followed by trading and service firm KLF, which hit the ceiling price of VND3,500 a share with over 5.8 million shares traded.

Other petroleum, construction and securities stocks like PVS, VCG, APS and SHS also reported high matching volumes of two to 3.6 million shares each, in which brokerage firm APS closed at the upper limit.

Saigon-Hanoi Bank Securities Company noted that the VN-Index rose for the third straight session with turnover slightly improving on August 7. Selling pressure was mild and caused little impact on the main index.

Therefore, the main index is projected to increase slightly on August 8 to approach the nearest resistance at 796 points. Meanwhile, it still has the supporting zone between 782 and 789 points.

Vietnam Investment Securities Company noticed a positive sign that many large and small caps were key gainers on August 7.

However, seesaw trading in the afternoon phase suggested that the market may continue flat transaction or may decline on August 8. In case of falling, the main index may not tumble strongly as it is still far from the 790-point level.



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