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Market rebounds, VN-Index breaks over 1,200 points
Shares rebounded strongly on Wednesday as rising bottom-purchasing pushed blue-chip stocks to inch higher while liquidity also increased.
Inside the headquarters of FPT Corporation in Phạm Văn Bạch Street, Cầu Giấy District. The company's shares hit the ceiling price on Wednesday, leading the market's recovery. — VNS Photo Việt Thắng
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The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) opened the session on a positive note despite a big loss of nearly 13 points on Tuesday and retained the bullish sentiment until the end of the day.
This helped the market benchmark return to the key psychological level of 1,200 points. It closed the trading day at 1,205.6 points, up over 28.2 points, or 2.4 per cent.
The breadth of the market backed to the positive territory as 301 stocks inched up and 53 declined. Liquidity extended gains, with the trading value up 13.1 per cent to over VNĐ19.8 trillion (US$780.7 million).
The VN30-Index, which tracks the 30 biggest stocks by market capitalisation on the southern bourse, soared by 31.8 points, or 2.65 per cent, to 1,232.17 points.
Particularly, all stocks in the VN30 basket ticked up, of which two logged the maximum daily gain of 7 per cent. The two ticker symbols were FPT Corporation (FPT), the market leader today, and Vietnam Rubber Group (GVR).
On Tuesday, the Vietnamese tech giant FPT announced a plan to build a $200 million artificial intelligence (AI) factory using Nvidia technology, as Việt Nam aims to become a semiconductor and AI hub.
FPT's AI factory will operate as a sovereign cloud, providing cloud GPU services to FPT's corporate clients globally.
Other pillar stocks reporting strong recoveries were Mobile World Investment Corporation (MWG), up over 5 per cent, Vietinbank (CTG) surged 4.6 per cent, Hòa Phát Group (HPT) climbed 4.35 per cent and BIDV (BID) increased 1.2 per cent.
Many real estate stocks also performed well, with Development Investment Construction JSC (DIG), Đất Xanh Group (DXG), Phát Đạt Real Estate Development JSC (PDR) and Hoàng Huy Investment Financial Services JSC (TCH) hitting ceiling prices.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher at 227.87 points, up 5.24 points, or 2.35 per cent.
During the session, more than 84.6 million shares were traded on HNX, worth over VNĐ1.6 trillion.
Foreign investors extended their selling streak on the southern market as they net sold VNĐ242.65 billion.
Bizhub
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