Shares recover on bottom purchasing demand
Shares recover on bottom purchasing demand
Shares recovered on Friday thanks to bottom purchasing demand as the sharp fall from the previous sessions sent stocks down to attractive prices, thus triggering investors to buy in low.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 0.27 per cent to close at 1,498.89 points.
The index had lost 1.15 per cent to close Thursday at 1,494.85 points.
The market's breadth turned positive with 126 stocks declining, while 324 rose.
Liquidity declined compared to the previous session with more than 768 billion shares traded on the southern bourse, worth VND25.6 trillion (US$1.1 billion).
The 30 biggest stocks tracking VN30-Index rose 0.29 per cent to 1,526.50 points. Fourteen in the VN30 basket increased, while 13 decreased.
In the VN-30 basket, gainers were Vingroup (VIC), Vietjet (VJC), Masan Group (MSN) and Khand Dien House (KDH).
But the market was pressured by the sharp decline of two large-cap stocks, VIC of Vingroup and VNM of Vinamilk, which had been declining and set new bottoms, respectively. Because of their large capitalisation, the downward trend of VIC and VNM had a profound impact on Viet Nam's stock indices.
At the close of Thursday's session, Vinamilk (VNM) fell 1.8 per cent to VND78,600 per share, the lowest level of this stock since the beginning of 2020. VNM has dropped more than 40 per cent over the past year. VNM's market capitalisation also decreased to VND164.27 trillion - the lowest level since April 2020. On Friday, VNM rose 0.4 per cent.
Regarding Vingroup (VIC), it set a new bottom on Friday as it had dropped 1.25 per cent to close at VND79,100 per share, the lowest price range since September 2020. The market capitalisation of VIC has decreased to VND306 trillion.
Petroleum stocks moved down following the adjustment of world oil prices, with losers including Viet Nam National Petroleum Group (PLX), PVPower (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), Drilling Mud Joint Stock Corporation (PVC) and PetroVietnam Gas JSC (GAS).
Seventeen out of 25 sector indices on the stock market gained ground, including retail, banking, rubber processing, seafood processing, construction materials and securities, healthcare, and construction.
Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) increased 1.21 per cent, to 440.16 points. The index had decreased 1.73 per cent, to close Friday at 434.88 points.
During the trading session, investors poured VND3.1 trillion into the northern market, equivalent to a trading volume of 105 million shares.
