VN Index bounces on blue chips
VN Index bounces on blue chips
Shares rebounded strongly on the HCM Stock Exchange on Wednesday as large-cap stocks returned to positive territory following the index’s three-day decline.
The benchmark VN Index rose nearly 0.96 per cent to close at 805.66 points. It had fallen total 0.84 per cent in the previous three sessions.
More than 118.4 million shares were traded on the southern bourse, worth VND2.47 trillion (US$109.8 million).
Wednesday’s trading figures declined by 27 per cent in volume and nearly 25 per cent in value from the previous session.
Market trading condition was positive with 169 advancing stocks, 92 losing ones and 53 stocks closing flat.
Large-cap stocks performed well as 22 of the top 30 companies by market capitalisation and trading liquidity saw share prices gain, lifting the VN30 Index up 1.11 per cent to 795.96 points.
Among the leading sectors, shares of banks, property developers and brokerages were the best gainers with those industry indices rising 2.3 per cent, 1.5 per cent and 1.1 per cent, respectively.
The three bank stocks MBBank (MBB), Vietcombank (VCB) and Vietinbank (CTG) advanced between 3.9 per cent and 2.2 per cent and they were also among the four best-performing stocks in the VN30 Index.
Those bank stocks were followed by steel producer Hoa Phat Group (HPG), which jumped 3.2 per cent, and Thanh Thanh Cong Tay Ninh Sugar Co (SBT) and property developer Vingroup (VIC), each of which gained 1.8 per cent.
According to Bao Viet Securities Co (BVSC), the VN Index has entirely recouped its three-day loss but concerns remained over a sharp drop of trading liquidity compared to the previous session.
The Ha Noi-based securities firm wrote in its daily report that trading liquidity on Wednesday was much lower than the average of the previous 21 sessions, proving that investors were still cautious with the market conditions.
“The VN Index might increase to the range of 808-812 points on Thursday,” BVSC said. “However, the market rebound did not remove the chance of further decline for the benchmark index.”
“The VN Index might decline again when it returns to the range of 808-812 points, in which the benchmark is expected to suffer from strong selling pressure.”
On the Ha Noi Stock Exchange, the HNX Index increased by 0.84 per cent to end Wednesday at 107.43 points after having lost total 1 per cent in the previous two days.
Nearly 36 million shares were exchanged on the northern market, worth VND397.5 billion – a decline of about 31 per cent in both trading volume and value compared to Tuesday.
