Stocks extend rallies after interest rate cut

The benchmark VN-Index on the HCM City Stock Exchange added another 8 points, or 1.38 per cent, to end the session at 591.20 points.

The VN30, which tracks the top 30 shares by market value and liquidity, also jumped 1.47 per cent to close at 628.10 points.

Driven by bargains, the Ocean Group (coded OGC) rebounded yesterday, after falling heavily in the last two sessions following the arrest of its former leader. OGC increased 6.32 per cent to close at VND10,100 per share with over 6 million shares traded.

Money flowed heavily into shares of Saigon Securities Inc (coded SSI). More than 8.5 million shares, worth a total VND159.5 billion (US$7.6 million), changed hands. This accounted for 19 per cent of total market value on the southern bourse and 31 per cent of total trading value of the top 30 shares.

SSI shares also rose 4.05 per cent to finish at VND30,800 ($1.46) a share.

Liquidity decreased 10 per cent against the previous session in both volume and value, totalling 100.3 million shares worth VND1.77 trillion (nearly $84 million).

FLC Group was the most active code with 11.2 million shares. It rallied 3.67 per cent to close at VND11,300 a share.

On the Ha Noi Stock Exchange, the HNX-Index also improved 1.55 per cent to end at 86.60 points, but the market volume and value declined 10 per cent from Tuesday, reaching just 46.5 million shares worth more than VND797 billion ($33.5 million).

KLF Joint Venture Global Investment Co (coded KLF) rose to be the most active stock in the afternoon with trades of 5.3 million shares. It climbed 4.59 per cent to settle at VND11,400 ($0.54) a share.

F.I.T Investment Co (coded FIT) retreated to second place with 4.5 million shares, surging 5.3 per cent to end at VND25,400 ($1.20) a share.

Foreign investors remained net buyers in HCM City with a net buy value of VND110.5 billion ($5.2 million).