Markets rebound on bottom purchasing
Markets rebound on bottom purchasing
Vietnamese shares bounced back on Tuesday morning after Monday’s sharp fall sent stocks down to attractive prices, triggering investor interest in bottom-fishing.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange was up 0.39 per cent to close at 950.14 points.
More than 76.3 million shares were traded on the southern bourse, worth VND1.5 trillion (US$65 million).
The VN-Index lost 1.40 per cent on Monday.
Large-caps stocks such as Vietinbank (CTG), Techcombank (TCB), Vietjet Air (VJC), Vingroup (VIC), Vinhomes (VHM) and Vinamilk (VNM) all inched up thanks to bottom purchasing to help the market recover slightly. However, the momentum of the general market gradually weakened during the final minutes of trading due to weak buying power.
Petroleum stocks like PVD, PVB, PLX and GAS all gained, going against the global trend in oil prices which declined on June 3 due to rising trade tensions between the US and Mexico and China.
Brent crude oil futures prices fell 71 cents, or 1.2 per cent, to $61.28 a barrel. US West Texas Intermediate (WTI) crude futures dropped 25 cents, or 0.5 per cent, to $53.25 a barrel.
On the Ha Noi Stock Exchange, the HNX-Index went up 0.06 per cent to end at 103.34 points.
More than 9.1 million shares were traded on the northern exchange, worth VND120 billion.
The northern market index shed nearly 1.03 per cent Monday.
The afternoon trading session starts at 1pm.
