Penny stocks hit ceiling prices

Penny stocks hit ceiling prices

Phuong Thao

HCMC – Up to 38 penny stocks on both exchanges shot up to their ceiling prices on August 3, led by strong cash flow, and the stock indexes rose after one session of correction.

On the HCMC market, many small and speculative stocks such as property firm HAR, agricultural chemical producer HAI and financial investment group OGC did well. The prices of most stocks in the mining sector such as KSA, LCM and DHM also hit their upper limits.

The VN-Index added a slight 0.29% at 788.49. Trading volume on the southern exchange dropped 4.6% to nearly 209 million shares but value rose 3.5% from the previous day to over VND4.2 trillion.

The put-through market saw 13.5 million shares worth VND539.4 billion traded, including 2.5 million shares worth VND107.5 billion of consumer goods producer MSN, 1.9 million shares worth VND103.4 billion of technology firm FPT and 1.5 million shares valued at VND93.6 billion of securities company VCI.

In the banking sector, BID gained 2% and VCB increased 0.5% while CTG and MBB closed at their reference prices, and STB lost nearly 2%. Among large caps, dairy firm VNM contributed most to the main index as it added 1% to VND154,000 a share with matching volume of over 700,000 shares.

The Hanoi market made better gains as some pillar stocks advanced, lifting the HNX-Index up 0.46% at 101.44. Turnover improved strongly with trading volume and value jumping 1.6% and 12% to 76.4 million shares worth around VND707 billion exchanged.

Among bank stocks, NVB climbed 3.9% and took the lead by liquidity with 12.9 million shares changing hands. Meanwhile, SHB closed unchanged with trading volume of 9.2 million shares and ACB declined 0.4%.

KLF, which is active in trading and food service, ranked third on the northern bourse by liquidity with 4.2 million shares, rising 3.2% at VND3,200 a share.

Foreigners net bought over VND162 billion of shares on the HCMC bourse and net sold VND900 million of shares on the Hanoi exchange.

According to experts from, the market may face some challenges as the VN-Index is approaching strong resistance levels. However, cash is expected to keep flowing into small stocks.

Maritime Bank Securities Company, meanwhile, expects the main index to fluctuate between 780 and 790 points in the near term before rising further.

The VN-Index may decline slightly today. Therefore, investors should take the chance to buy stocks having good business results in the second quarter, the brokerage proposed.

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