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Market rebounds on strong bottom-fishing demand
The stock market settled higher on Wednesday, ending the losing streak as strong bottom-fishing demand in the afternoon session pulled up investors' sentiment.
The VN-Index on the Ho Chi Minh Stock (HoSE) ended on Wednesday at 1,477.2 points, up 21.95 points, or 1.51 per cent. It had lost a total of 67.65 points over three consecutive sessions.
The market's breadth returned to positive with 331 stocks climbing, with 17 stocks hitting ceiling prices, while 126 stocks declined.
Liquidity, however, still decreased compared to the previous session. Accordingly, nearly 674.8 million shares were traded on the southern market, worth over VND22 trillion (US$963.9 million).
The market benchmark's reversal was thanks to gains in stocks, especially large-cap stocks, across all sectors as sharp falls recently triggered strong bottom-fishing activities. Accordingly, the VN30-Index soared by 18.19 points, or 1.21 per cent, to 1,525.39 points.
Twenty-seven of the 30 biggest stocks in the VN30 basket posted positive performance on Wednesday, while no stocks dropped and only three ended flat.
In the top five stocks influencing the uptrend, Vietnam Rubber Group (GVR) was the biggest gainer with a rise of 4.55 per cent in market capitalisation. Others rising included FPT Corporation (FPT), TPBank (TPB), Mobile World Investment Corporation (MWG), and Bao Viet Holdings (BVH). These stocks climbed in a range of 2.29-5.5 per cent.
Real estate stocks, which faced strong sell-off in recent sessions, also showed strong recoveries in the afternoon trade with Vingroup (VIC) up 1.11 per cent, Novaland (NVL) up 1.76 per cent, Becamex (BCM) up 2.43 per cent, Vincom Retail (VRE) up 2.41 per cent and Development Investment Construction JSC (DIG) up 2.19 per cent.
The HNX-Index on the Ha Noi Stock Exchange (HNX) also reversed course on high demand. It closed the day at 427.45 points, up 6.44 points, or 1.53 per cent.
During the session, over VND2.68 trillion was poured into HNX, equivalent to a trading volume of nearly 90.4 million shares.
Foreign investors also returned to the market after net buying on both main exchanges with a value of VND1.55 trillion. Of which, they net bought a value of more than VND1.49 trillion on HoSE, and a value of VND59.27 billion on the northern bourse.
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