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Market reverses course, VN-Index up nearly 18 points
Viet Nam’s stock market opened a new week on a positive note as strong demand for some pillar stocks pushed up sentiment.
The market benchmark VN-Index finished higher on Monday, up 17.77 points, or 1.43 per cent, to 1,259.58 points. The index lost 0.7 per cent last Friday.
The market breadth turned positive as 214 stocks rose while 207 stocks decreased and 43 stayed unchanged.
During the session, domestic investors poured over VND23.13 trillion into the southern market, equivalent to a trading volume of 773 million shares.
The move was contrary to experts’ expectation as they forecast that the market will continue to fall this week.
“This week, the market is expected to witness corrections from the beginning of the week, and is likely to bounce back in last sessions of the week,” Bao Viet Securities said in a daily report to investors.
Similarly, analysts from Saigon-Hanoi Securities JSC (SHS) said that the market might fall to lower levels this week to find a bottom-fishing force.
The main reason for Monday’s recovery was gains in large-cap stocks, especially in material and banking sectors.
The VN30-Index posted an increase of 29.93 points, or 2.23 per cent, to 1,370.66 points. 23 of 30 biggest stocks in the VN30 basket climbed on Monday, while only seven stocks dropped.
Material stocks dominated the market’s rally with Vietnam Dairy Products JSC (Vinamilk, VNM) and Masan Group (MSN) all posting a maximum daily gain of 7 per cent. Another material stock reporting great performance was Hoa Phat Group (HPG), up 3.62 per cent.
Bank stocks also had a positive influence on the stock market with many registering gains of more than 1 per cent like Vietcombank (VCB), Techcombank (TCB), Vietinbank (CTG), VPBank (VPB) and MBBank (MBB).
On the other hand, losses in No Va Land Investment Group Corporation (NVL) limited the market’s rally. The company shares edged 5.38 per cent lower in Monday’s trade.
On the Ha Noi Stock Exchange (HNX), the HNX-Index also closed higher, up 0.15 per cent to 280.27 points on large-cap stocks. The HNX30-Index, tracking 30 biggest stocks in market capitalisation on HNX, jumped 0.36 per cent to 418.48 points. The HNX-Index lost 0.44 per cent last Friday.
In Monday’s trade, nearly 116 million shares were traded on the northern bourse, worth nearly VND2.3 trillion.
Meanwhile, foreign investors returned to the market as they net bought a total value of VND94.38 billion on both the exchanges.
Of which, they net bought a value of VND89.82 billion on HoSE and a value of VND4.56 billion on HNX. In the morning session, they net sold a value of VND715.84 million on HNX.
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