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VN Index rises slightly on investor bottom fishing
The benchmark VN Index rose slightly on Wednesday morning, lifted by investors’ interest in buying stocks that have declined to relatively attractive levels.
The benchmark index on the HCM Stock Exchange inched up 0.19 per cent to close at 762.72 points. It had decreased by a total of 1 per cent in the previous two sessions.
Around 82.2 million shares worth VND1.47 trillion (US$65.4 million) were traded on the southern bourse in the morning session, higher than Tuesday’s figures.
The VN Index bounced back after it hit the 754-760 points range, which brokerage firms believed was a supportive range to test investors’ purchasing power.
Market trading liquidity had declined daily during the previous three sessions, proving that selling pressure had lifted and investors were close to addressing the market’s short-term bottom, brokerages said in their reports.
Large-cap stocks performed well, with 14 of the 30 largest companies by market capitalisation on the VN30 Index advancing. The VN30 Index gained 0.3 per cent.
Among stocks in the VN30 Index that gained are property developers Novaland (NVL) and Vingroup (VIC), brewer Sabeco (SAB) and consumer goods producer Masan Group (MSN).
However, the HNX Index on the Ha Noi Stock Exchange dropped 0.13 per cent to close at 100.74 points. It had fallen by 0.3 per cent on Tuesday. Around 21 million shares were traded on the northern bourse, worth VND237.8 billion.
The afternoon trading session starts at 1pm.
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