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Shares recover on bottom fishing demand
The stock market settled higher on Monday, ending the losing streak as strong bottom-fishing demand in the afternoon session pulled up investors' sentiment.
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) ended at 1,179.76 points, up 0.15 per cent. It had lost a total of 4.4 per cent last week.
The market's breadth remained negative with 276 stocks declining, while 200 stocks increased.
More than one billion shares were traded on the southern market, worth over VNĐ22 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 rose 0.02 per cent, to 1,190.32 points.
Eighteen of the 30 biggest stocks in the VN30 basket posted positive performance, while 11 stocks dropped and only one ended flat.
In the top five stocks influencing the uptrend, Vietinbank (CTG) was the biggest gainer with a rise of 4.2 per cent. Others rising included Becamex (BCM), SSI Securities Inc (SSI), Tiên Phong Bank (TPB) and Vietnam International Bank (VIB). These stocks climbed in a range of 1.5-2.2 per cent.
Eight out of 25 sector indices on the stock market posted gains, including banking, securities, rubber production, IT, mining and insurance.
Those who suffered losses were logistics, agriculture, food and beverage, healthcare, construction, real estate, retail and wholesale.
“At present, the market may temporarily be supported at 1,160- 1,170 points and technical recovery will re-explore supply and demand. Therefore, investors need to be cautious and manage the portfolio appropriately. At the same time, they should consider the recovery spans in the coming time to take profits and reduce the proportion, giving priority to stocks that have shown weakening signals, to minimise risks for the portfolio,” said Việt Dragon Securities Co.
The HNX-Index on the Hà Nội Stock Exchange (HNX) also reversed course on high demand. It closed the day at 237.97 points, up 0.85 per cent.
During the session, over VNĐ1.9 trillion was poured into HNX, equivalent to a trading volume of nearly 116.5 million shares.
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