VIC, VHM lift stocks up

The VN-Index of the Hochiminh Stock Exchange added 7.07 points, or 0.72%, from the session earlier at 982.98. Market turnover got a boost from large block deals, with volume and value jumping 36% and 13% at 217 million shares worth VND4 trillion, respectively.

VIC closed the day up 1.8% at VND115,900, making the most positive contribution to the main index, while VHM increased 3.3% at VND93,100. In contrast, dairy firm VNM led laggards for losing 1% at VND135,000.

Small stocks outperformed on the market thanks to huge money flow. Industrial zone operator ITA and steel maker HSG were the most actively traded stocks on the southern market with around 7.8 million shares traded each, rising 1.6% at VND3,210 and 2.9% at VND9,510, respectively.

Notably, food enterprise GTN drew attention as its board of directors rejected VNM’s offer to buy a controlling stake in the enterprise. GTN closed the session down 2.5% at VND17,300 on matching volume of nearly 1.2 million shares.

Media group YEG, meanwhile, plunged to the floor price of VND105,000 on volume of 105,000 shares, putting an end to its four-day winning streak. Since early this month, the enterprise has repeatedly bought large amounts of treasury shares to protect investor interests, after YEG share prices slumped due to its failure in cooperation with YouTube.

According to MB Securities Company, the local stock market’s recovery came after the global rally led by U.S. stocks. Market sentiment was also positive as investors were turning their attention to the U.S.-China trade talks this week.

Besides, the U.S. Federal Reserve may cut lending rates in September or December to boost the U.S. and global economy. The information may help the domestic market gain further, it said in its daily report.

On the Hanoi Stock Exchange, the HNX-Index fell 0.22 point, or 0.21%, at 107.34. Trading volume on the northern bourse dipped 4% against the previous day at 25.6 million shares but value soared 22% at VND404 billion.

PVS, a petroleum technical service firm, was the only gainer among the top 10 heavyweights, rising 0.5% at VND20,700 on matching volume of 2.2 million shares. Meanwhile, VCG, which is active in the construction and export-import sector, plunged to the floor price of VND25,700.