Shares rebound following global market
Vietnamese shares recovered on Wednesday morning thanks to the upbeat global mood as massive stimulus efforts restored market confidence amid the rapid spread of COVID-19.
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 2.46 per cent to close the morning session at 675.41 points.
The index fell 1.11 per cent to close at 659.21 points on Tuesday.
The benchmark rebounded as investors poured cash into large-caps on hopes the market had already reached its bottom.
More than 157.6 million shares were traded on the southern bourse, worth VNĐ2.6 trillion (US$110 million).
On Wall Street, the Dow Jones Industrial Average soared 11.37 per cent, its biggest one-day percentage gain since 1933.
US Congress announced on Tuesday they were about to pass a $2 trillion stimulus package to contain the economic damage from the COVID-19 pandemic.
Investor worries on an economic downturn were soothed somewhat after the US Congress announcement.
On the Vietnamese market, twenty-two of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket advanced to cushion the market.
Large-cap gainers included insurer Bảo Việt Holdings (BVH), PetroVietnam Gas (GAS), dairy producer Vinamilk (VNM), Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), FPT Corporation (FPT), Hoa Phat Group (HPG), military Bank (MBB) and Mobile World Group (MWG).
On the Hà Nội Stock Exchange, the HNX-Index rose 2.15 per cent to close Wednesday morning at 99.03 points.
The northern market inched up 0.50 per cent to end Tuesday at 96.95 points.
Nearly 66.67 million shares were traded on the northern bourse, worth VNĐ618 billion.
The afternoon trading session begins at 1pm.