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Market recovers on pillar stocks
The market ended higher on Thursday, as recent losses triggered bottom-fishing demand, lifting the general sentiment.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose 1.71 points, or 0.18 per cent, to close Thursday's trade at 947.71 points. The recovery ended the losing streak in three days due to persistent selling pressure.
The market's breadth was neutral as 167 stocks inched higher, while 166 stocks declined. Liquidity also remained low, of which matching value on HoSE reached nearly VND7 trillion (US$280.3 million), equivalent to a matching volume of 482 million shares.
The index's reversal was boosted by gains in large-cap stocks, with the VN30-Index reporting an increase of 2.03 points, or 0.22 per cent, to 940.76 points. Eighteen of the 30 biggest stocks in the VN30 basket added points, while nine stocks dipped with three hitting the floor prices. And three stocks stayed unchanged.
In the top five stocks supporting the market's recovery, Vingroup (VIC) was the biggest gainer, with an increase of 2.18 per cent. It was followed by Vinamilk (VNM), Hoa Phat Group (HPG), BIDV (BID) and Vinhomes (VHM), up in a range of 1.35-3.99 per cent.
Also helping the rally, big names like Vincom Retail (VRE), Vietnam Rubber Group (GVR), Sacombank (STB), Asia Commercial Joint Stock Bank (ACB), and Petrolimex (PLX) posted positive performance, up at least 1.7 per cent.
However, the index pared gains as some stocks still faced sell-offs. Specifically, Masan Group (MSN) witnessed the biggest loss, down 4.2 per cent.
Saigon-Hanoi Securities JSC (SHS) said that the market continues to struggle with some strong correction and recovery sessions before entering a new rally period. Therefore, investors should not participate in the market with a large proportion at the moment, SHS recommended.
The HNX-Index on the Ha Noi Stock Exchange (HNX) also rebounded on Thursday. It finished the day at 191.22 points, up 0.22 points, or 0.12 per cent.
During the session, VND677.87 billion worth of shares, equal to a trading volume of over 60.5 million shares, was traded on the northern bourse.
Foreign investors continued to flock to the market with a total net buy of VND319.66 billion on both main exchanges. Of which, they net bought VND290.21 billion on HoSE and VND29.45 billion on HNX.
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