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Indices extend rallies on bullish sentiment
Shares extended rallies on Thursday, boosted by bargain-purchasing activities after recent losses.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose for the second day in a row, ending the trading day at 1,050.99 points, up 16.18 points, or 1.56 per cent. It climbed more than 28.6 points in the previous session after dipping nearly 36.3 points on Tuesday.
The breadth of the market was still positive, but liquidity dropped by 22.4 per cent over the previous trade to VND8.9 trillion (US$369 million).
Stronger bottom-fishing force supported the market's sentiment to reverse the morning course. In the morning trade, the index fell slightly 0.47 points.
According to a daily report from Saigon-Hanoi Securities JSC (SHS), in the short term, the VN-Index is starting to recover after strong declines. "The positive point is that many companies and big shareholders begin to register to buy stocks, while investment funds also show signs of strong disbursement. This helps improve retail investors' sentiment," said SHS.
The market benchmark is expected to keep the strong psychological support level of 1,000 points, and gradually recover to retest the 1,090-1,110 point level in the short term, the securities firm added.
Statistics from financial website vietstock.vn showed that bank stocks continued to lead the market, with the top three stocks influencing the uptrend being Vietcombank (VCB), BIDV (BID) and Vietinbank (CTG), up 3.91 per cent, 6.57 per cent, and 5.91 per cent, respectively.
Many other big stocks supporting the rallies were Vinamilk (VNM), Hoa Phat Group (HPG), Sabeco (SAB), Techcombank (TCB), Asia Commercial Joint Stock Bank (ACB) and MBBank (MBB).
However, gains were pared due to lingering selling force, of which Masan Group (MSN) posted the biggest losses on Thursday, down nearly 3 per cent.
On the Ha Noi Stock Exchange (HNX), the HNX-Index also finished higher, up 1.31 points, or 0.59 per cent, to 224.74 points.
During the session, more than 36.86 million shares were traded on the northern bourse, worth VND610.83 billion.
Foreign investors kept injecting capital into both main exchanges after net buying nearly VND1.3 trillion in the previous session. Specifically, they net bought VND452.14 billion on HoSE and VND45.77 billion on HNX.
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