VN shares rebound on bottom-fishing
VN shares rebound on bottom-fishing
Vietnamese shares recovered on Tuesday as blue chips performed well on bottom-fishing following the previous sharp falls.
The benchmark VN-Index on the HCM Stock Exchange gained 2.45 per cent to close at 1,120.29 points, recouping almost all of its loss of 2.47 per cent made on Monday.
The minor HNX Index advanced 1.45 per cent to end at 127.33 points. The northern market index dropped 2.14 per cent on Monday.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) extended growth for a third consecutive day. It rose 0.95 per cent to 61.01 points, totalling a three-day increase of 2 per cent.
More than 322.4 million shares were traded on the Vietnamese stock market, worth VND8.85 trillion (US$393.3 million).
Trading liquidity fell 11.4 per cent in volume and 23 per cent in value compared to the previous session.
On the three stock markets, the market breadth was positive with 353 gaining stocks against 277 declining ones, while 165 other shares ended flat.
Leading stocks in the banking, securities and real estate sectors enjoyed a strong rebound after they tumbled in the previous session due to last-minute selling.
The banking, securities and real estate sector indices jumped between 3.8 per cent and 5.1 per cent, data on vietstock.vn showed.
Gainers among the large-cap firms in those industries included Vincom Retail (VRE), Vietcombank (VCB), Vietinbank (CTG), Bank for Investment and Development of Viet Nam (BID) and PetroVietnam Gas (GAS) and Saigon Securities Inc (SSI).
VRE, SSI and BID hit their intraday rising band of 6.8-7 per cent, while VCB, CTG and GAS jumped at least 4.5 per cent.
Other industries that posted good increases in share prices included agriculture, construction material production and building business.
Of those stocks, Hoang Anh Gia Lai Group (HAG) and its agriculture unit HAGL Agrico (HNG) traded at the intraday increasing band of 6.9-7 per cent to boost the agriculture industry index up 3.8 per cent.
On UPCoM, PetroVietnam Power Corporation (PV Power) started trading 467.8 million shares with code POW at the staring price of VND14,900 per share. The firm’s shares soared 19.5 per cent to close at VND17,800 per share.
According to Bao Viet Securities Company (BVSC), positive movement of the world stocks and oil prices provided the main push for Vietnamese stocks on Tuesday.
Global stock markets rebounded after fears about the US-led trade war were temporarily allayed. “A trade war can hardly occur but remains a risk that needs close monitoring in the near future,” BVSC said in its report.
Tuesday’s gains helped allay investors’ worries after leading stocks were strongly sold in the At-the-Close (ATC) period on Monday, the brokerage firm said.
“This bullish session had a calming influence on investors after the previous bearish session and also balanced the market’s demand-supply.”
