The slight recovery doesn’t mean a boom, but it does put a touch of brightness on the gloom of the previous week, in which prices fell steadily and left investors questioning when the bear market would end.
Among the top market caps, PPC put on an impressive performance, rising VND1,500 to close at VND52,000.
The market’s upturn was also driven by the rising share price of Tan Tao Industrial Zone (ITA), Saigon Cables & Telecommunications Material and FPT (FPT), which added VND5,000 each, and REE Technology (REE), which rose VND2,000.
Small caps performed better after last week’s falls, with Vien Lien (UNI) up VND1,000, Hang Xanh Auto (HAX) up VND500, and Tan Binh (ALT) up VND1,500.
Two exclusive stocks – Sai Gon Hotel (SGH) and Tay Ninh Cable Car (TCT) – extended their steady winning run by rising VND6,000 and VND15,000 to close at VND137,000 and VND317,000, respectively.
However, continuous falls in the three bellwether companies – Sacombank (STB), Vinamilk (VNM) and Vinh Son Hydro Power (VSH) – discouraged brokers.
At the close, STB was down VND1,500 at VND52,000; VNM was down VND1,000 at VND163,000; and VSH was down VND1,900 at VND37,600.
Sacombank in particular alarmed investors as it prepared to issue an additional 200 million shares. Analysts forecast that the market would be affected by STB’s move in the next few sessions.
Kinh Do Corporation (KDC) also suffered another sharp fall, dropping VND6,000 to close at VND240,000 despite its fundamentally bright outlook for the upcoming mid-autumn season.
The slight rise on Monday encouraged some analysts to speculate that the market might rebound to 930 points.
Source: VNE
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