Strong recovery boosts VN-Index above 1,500 points
Strong recovery boosts VN-Index above 1,500 points
The stocks market recorded a strong rally on Thursday, with benchmark indices regaining all losses from the previous session while the VN-Index even topped 1,500 points.
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) finished the trading day at 1,505 points, up 19.48 points, or 1.31 per cent. It lost 13.26 points on Wednesday due to strong selling pressure.
The market’s breadth was positive as 337 stocks rose, while 115 stocks declined.
Liquidity also surged in the afternoon session with over VND30.16 trillion (US$1.32 billion) worth of shares, equal to a trading volume of more than 929.2 million shares, traded on HoSE.
The index’s strong recovery was driven by the strong return of cash flow, leading to sharp gains in many large-cap stocks.
Accordingly, the VN30-Index posted a jump of nearly 24 points, or 1.59 per cent, to 1,522.49 points. Twenty-four of the 30 biggest stocks in the VN30 basket edged higher yesterday, with one stock reaching the ceiling price, while only five stocks dropped and one ended flat.
Hoa Phat Group (HPG) was the pillar stock that hit the ceiling price, and also led the market’s uptrend.
Other big stocks contributing to the rally were VPBank (VPB), Vietnam Rubber Group (GVR), Novaland (NVL), Vietinbank (CTG) and PV Gas (GAS). These stocks also rose at least 1.26 per cent.
Cash flows also focused on logistic and commodities stocks, such as Hai An Transport & Stevedoring JSC (HAH), Vietnam Ocean Shipping JSC (VOS), Vietnam Container Shipping JSC (VSC), and Petroviet Nam Ca Mau Fertiliser JSC (DCM), with HAH, VOS, VSC hitting the maximum daily gain of 7 per cent.
On the Ha Noi Stock Exchange (HNX), the HNX-Index also edged higher yesterday. The index was up 7.06 points or 1.6 per cent to 449.31 points.
During the session, investors poured nearly VND3.7 trillion into the northern bourse, equivalent to a trading volume of 122.3 million shares.
Meanwhile, foreign investors also returned to the market after a strong sell-off in the previous session. Of which, they net bought a value of VND539.55 billion on HoSE, and a value of VND26.01 billion on HNX.
