VCSC Daily - Bottom fishing on banking led market reversals

Market Commentary

24 Aug 2012

Our view: Seems like rationale has returned after 3 days of panic selling. The VNI lost more than 10 points in the first hour but bottom fishing took the toll and led the show till the end, driving markets up strongly. The VNI surged 6.9 points, or 1.76% to close at almost 400 points with 80 stocks hitting ceiling while the HNI climbed 3.07% to reach 63.11 with 85 stocks hitting ceiling. Investors rushed to accumulate cheap shares, especially on banking stocks.

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