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Market recovers, boosted by strong gains in pillar stocks
Shares rebounded on Wednesday after a choppy session as the market’s sentiment recovered. But foreign investors continued to net sell on both main exchanges, but the value was much smaller.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index bounced back after falling for two consecutive sessions. The benchmark finished yesterday at 1,245.83 points, up 6.13 points, or 0.46 per cent.
It opened on a cautious note and ended lower in the morning trade.
The market’s breadth was positive with 281 stocks climbing, while 147 stocks declined. However, the liquidity kept sliding. Of which investors poured VND19.19 trillion (US$844.87 million) into the southern market, equivalent to a trading volume of nearly 692.1 million shares.
The index’s recovery was thanks to strong gains in some large-cap stocks, especially in the manufacturing sector. The VN30-Index posted a rise of 6.69 points, or 0.47 per cent, to 1,444.85 points.
Eighteen of the 30 biggest stocks in the VN30 basket rose yesterday, while ten stocks slid and two ended flat.
Masan Group (MSN) continued to be the market’s leader with the maximum daily gain of 7 per cent. Other big manufacturing stocks that contributed to the gain were Hoa Phat Group (HPG), up 2.58 per cent, Hoa Sen Group (HSG), up 6.86 per cent, and Viet Nam Rubber Group (GVR), up 1.32 per cent.
It also received support from PetroVietnam Gas JSC (PVGas, GAS), Vinhomes (VHM), Petrolimex (PLX), PV POWER (POW) and Phu Nhuan Jewelry JSC (PNJ).
The index was still weighed by some stocks, including Vietcombank (VCB), Vietnam Airlines (HVN), Vinamilk (VNM) and Vingroup (VIC).
The HNX-Index on the Ha Noi Stock Exchange (HNX) also inched higher after dropping for three consecutive sessions. The index climbed 2.89 points, or 0.83 per cent, to 350.75 points.
During the session, over 171.5 million shares were traded on the market, worth nearly VND3.2 trillion.
Meanwhile, foreign investors still fled from the market as they net sold a total value of VND13.89 billion on both main exchanges. The amount was much lower than previous sessions.
Of which, they net sold a value of VND18.12 billion on HoSE, while net bought a value of VND4.23 billion on HNX.
The market’s rebound went against the downtrend in the broader market. The Asian markets fell yesterday after weaker Chinese economic data.
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