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Shares rebound thanks to bottom purchases
Shares rebounded from a one-week low on Wednesday as bottom purchases were triggered following Tuesday’s sell-off due to a record crash in oil prices.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) edged up 0.27 per cent to end Wednesday at 768.92 points.
The index posted its biggest loss of 3.54 per cent in three weeks on Tuesday.
Lockdowns and travel restrictions across the world’s major economies aimed at containing the COVID-19 virus have caused demand for crude oil to plunge.
Brent crude, which fell 24 per cent in the previous session, touched US$15.98 a barrel on Wednesday, its lowest since June 1999. US West Texas Intermediate was down 60 cents, or 5.2 per cent, at $10.97.
The market bounced back after massive sell-offs on Tuesday cheapened local stocks, making them attractive to investors.
However, liquidity weakened towards the end of session and stayed below the 20-day average, which showed that Wednesday’s rebound was more likely a technical recovery, said Ha Noi-Sai Gon Securities Co in its daily report.
More than 253.4 million shares were traded on the southern exchange, worth VND4.2 trillion ($179.7 million).
Strong purchasing power on Wednesday focused on large-cap stocks, lifting the large-cap tracker VN30-Index up 1.1 per cent to end at 714.42 points.
The biggest gainers in the VN30 basket included Bank for Investment and Development of Viet Nam (BID) (+4.3 per cent), brewery Sabeco (SAB) (+2.9 per cent), VPBank (VPB) (+3.3 per cent), Masan Group (MSN) (+2.8 per cent), Vietinbank (CTG) (+2.4 per cent), steel maker Hoa Phat Group (HPG) (+3 per cent), dairy firm Vinamilk (VNM) (+0.7 per cent), budget carrier Vietjet (VJC) (+0.1 per cent) and Techcombank (TCB) (+0.3 per cent).
Mid-cap and small-cap stocks also advanced.
Foreign investors continued their net-selling streak, further damping investor sentiment. They net sold VND315.04 billion on HoSE, including dairy firm Vinamilk (VNM) (VND66.94 billion), Vincom Retail (VRE) (VND61.90 billion) and Hoa Phat Group (HPG) (VND51.64 billion). They were net sellers on the HNX with a value of VND5.47 billion.
The HNX-Index on the Ha Noi Stock Exchange (HNX) gained 2.01 per cent to close Wednesday at 106.80 points.
The northern market index tumbled 4.55 per cent on Tuesday – its worst decline since March 23.
On the HNX, pillars like Asia Commercial Bank (ACB) (+3 per cent), Sai Gon-Ha Noi Bank (SHB) (+3.2 per cent), Vicostone (VCS) (+2.4 per cent), all witnessed a strong recovery thus helping the index to increase.
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