Shares rebound after two-day drop
Shares rebound after two-day drop
Shares rebounded yesterday on the two exchanges after a two-day decline as investors took advantage of bargains on attractive valuations.
On the HCM Stock Exchange, the VN-Index bounced backed after falling below the short-term support level of 650 points in early morning trade, closing up 0.3 per cent at 653.5 points.
The gauge decreased by over 2 per cent in the last two sessions.
On the Ha Noi Stock Exchange, the HNX-Index inched up just 0.1 per cent to end at 79.4 points. The Index slipped 2.3 per cent in the previous two trades.
Market breadth was neutral with 207 stocks rising, 210 declining and 278 closing flat.
According to analysts at Investment Vietnam Securities Co, the VN-Index kept hold of 650 points but the selling pressure was unlikely to stop in the next session.
“Bargain activity could continue to rise in tomorrow’s trade and this is an important technical factor to open up the opportunity for market recovery,” the analysts wrote in a note.
The VN-Index lost a cumulative 4.4 per cent in the past month ending December 6 while the HNX-Index slumped 2.2 per cent during the same period.
The newly listed brewery giant Sabeco hit the daily limit rise of 7 per cent on the HCM City’s bourse for the second time after its debut on Tuesday, closing at VND141,200 (US$6.22) per share.
Habeco, the country’s second biggest local beer producer, also rose 12.4 per cent to VND116,400 a share on the Unlisted Public Company Market (UPCoM).
However, other brewery firms on the UPCoM like Saigon Beer Western (WSB), Sai Gon –Phu Tho Beer (BSP) and Sai Gon-Mien Trung Beer (SMB) continued to slip.
Many large-cap stocks recovered yesterday after several consecutive falling sessions and supported the index, including real estate giant VinGroup (VIC), Vietcombank (VCB), insurer Bao Viet Holdings (BVH), Mobile World Group (MWG), steelmaker Hoa Sen Group (HSG) and HCM City Infrastructure Investment Corp (CII), all among the top 30 largest shares by market capitalisation and liquidity on the main bourse in HCM City.
Liquidity increased slightly with nearly 186 million shares worth a total VND3.3 trillion ($145.4 million) traded in the two markets, up 6.7 per cent in volume and 16.2 per cent in value compared to Tuesday’s levels.
Foreign moves were mixed. They extended their net selling streak to five days in a row in the HCM City’s market, offloading shares worth a net value of VND117 billion yesterday, down 27 per cent from Tuesday’s figure.
They were net buyers on the Ha Noi’s bourse, picking up shares worth net value of VND16.6 billion.
