Market rebound driven by capital flow
Market rebound driven by capital flow
Shares bounced back on Wednesday, boosted by strong capital inflows for large-cap stocks.
The benchmark VN-Index on the HCM Stock Exchange ticked up 0.36 per cent to close at 778.32 points. The southern market index was down 0.43 per cent on Tuesday.
Overall market breadth was positive with 168 stocks advancing, 111 declining and 58 remaining unchanged.
Eighteen of the top 30 largest shares by market value and liquidity gained value, led by financial and energy stocks.
Securities firms were the biggest gainers, with an average growth of over 2 per cent, data on vietstock.vn showed.
The two biggest listed brokerage firms – Saigon Securities Inc (SSI) and HCM Securities Corp (HCM) – increased 0.2 per cent and 1.2 per cent, respectively.
SSI climbed for a sixth straight day, for a combined 4.9 per cent while HCM rose for three sessions in a row with a total growth of 6 per cent.
Other smaller firms, including BIDV Securities (BIS) and Vietinbank Securities (CTS), leapt 5.2 per cent and 6.9 per cent, respectively.
Banks also recovered, with five of six listed banks on the HCM City’s exchange rebounding. Only Military Bank (MBB) continued a downward trend, other banks including Vietcombank (VCB), Vietinbank (CTG), BIDV (BID), Sacombank (STB) and Eximbank (EIB) ticked up between 0.3-1.9 per cent each.
The two biggest listed energy firms – PV Gas (GAS) and Petrolimex (PLX) – increased 1.9 per cent and 1.6 per cent, respectively.
Global oil prices slumped on Tuesday after eight straight days of gains. Brent crude futures settled at US$49.46 per barrel while the US West Texas Intermediate (WTI) crude futures were traded at $46.87 a barrel.
Money shifted focus on low-priced shares such as Ocean Group (OGC), Tan Tao Investment and Industry (ITA), Hoang Quan Consulting-Trading-Service Real Estate (HQC), Duc Long Gia Lai Group (DLG) and HAI Agrochem (HAI).
They remained the most five active stocks in the HCM City’s market, with six to 23 million shares traded in each code.
“Buying demand was maintained and turned over among different groups of stocks to keep VN-Index’s uptrend. However, we still forecast that the index is highly likely to decline in the short term,” analysts at Bao Viet Securities Co wrote in a note.
Investors sought new opportunities in shares with solid data and positive earning prospects in the second quarter, which will be gradually announced starting this week.
On the Ha Noi Stock Exchange, the HNX-Index climbed for a second day, adding 1.44 per cent to end at 101.92 points. The northern market inched up 0.15 per cent in the previous session.
A total of 287 million shares worth VND4.4 trillion (roughly $194 million) were traded in the two markets.
