VN-Index rebounds on back of energy stocks
VN-Index rebounds on back of energy stocks
Shares struggled on Wednesday morning, but the market benchmarks still managed to inch higher.
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 1.11 points, or 0.08 per cent, to 1,462.61 points, reversing yesterday's losses.
However the market's breadth was still negative, with 255 stocks declining while 194 stocks increased. The liquidity continued to edge lower than yesterday as nearly 572 million stocks were traded on the southern market, worth nearly VND17 trillion (US$749.4 million).
Meanwhile, foreign investors net sold a value of VND570 billion on the southern bourse.
The index's reversal was mainly driven by strong gains in energy stocks. The VN30-Index, tracking 30 biggest stocks on HoSE, fell 4.7 points, or 0.31 per cent, to 1,522.43 points.
Of the VN30 basket, 12 stocks climbed, while 15 slid and three ended flat.
Supporting the market were Petrolimex (PLX), PetroVietnam Gas or PVGas (Gas) and Vietnam Rubber Group (GVR), with PLX shares hit the maximum daily gain of 7 per cent, while the other two rose more 1.5 per cent.
However, the rallies were capped by losses in large-cap stocks led by Hoa Phat Group (HPG), down 1.95 per cent. Profit-taking activities in banking, real estate and logistics stocks also weighed on the market's sentiment.
On Ha Noi Stock Exchange (HNX), the HNX-Index climbed 1.09 points, or 0.25 per cent, to 433.73 points.
