Rubber stocks revive market, VN-Index ends losing streak
Rubber stocks revive market, VN-Index ends losing streak
Shares rallied on Wednesday as the recovery of large-cap stocks helped the VN-Index regain 6.66 points after the previous session's sharp decline, with rubber stocks significantly leading the market's recovery and ending a three-day losing streak.
A worker operating in a rubber pillow production line in Bình Phước Province. Shares of Vietnam Rubber Group (GVR) hit the ceiling and led the entire market on Wednesday. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 6.66 points, or 0.54 per cent, to close the trading session at 1,238.47 points.
The market's breadth was also positive as the number of gainers surpassed that of losers by 212 to 114. Liquidity on the southern bourse decreased slightly by 1.1 per cent to VNĐ17.8 trillion (US$696 million), equivalent to a trading volume of 740 million shares.
The 30 biggest stocks tracker, the VN30-Index, climbed slightly, up 1.84 points or 0.14 per cent, to 1,280.51. Eighteen ticker symbols in the VN30 basket edged up, while nine inched down and three stocks ended flat.
Data compiled by the financial website vietstock.vn showed that Vietnam Rubber Group - Joint Stock Company (GVR) was the biggest gainer on the market and led in terms of capitalisation. Shares of the rubber manufacturer led the market on Wednesday, rising 6.86 per cent, hitting the ceiling and contributing nearly 2.2 points to the VN-Index gain.
It was followed by Việt Nam National Petroleum Group (PLX), which rose 2.2 per cent, Southeast Asia Commercial Joint Stock Bank (SSB), up 2.33 per cent, and Vietjet Aviation Joint Stock Company (VJC), increasing by 1.79 per cent.
However, some large-cap stocks faced strong sell-offs. Notably, Vietnam Airlines JSC (HVN), shares of the national airline, continued to fall by 4.19 per cent, leading the market's decliners.
According to analysts from Viet Dragon Securities, the decrease in liquidity compared to the previous session indicates that the supportive inflow of funds remains weak while supply continues to pressure the market. This recovery trend might not be stable and could be a test of supply levels. Therefore, investors should remain cautious amid the market's instability, maintaining a safe portfolio allocation and might consider selling during market rebounds to minimise risks.
The Hà Nội Stock Exchange (HNX) index also finished higher on Wednesday, rising by 0.67 per cent to 236.17 points.
During the session, more than VNĐ1.3 trillion worth of shares were traded, equivalent to a trading volume of more than 64 million shares on the northern market.
Foreign investors also showed signs of bottom-fishing. Specifically, this bloc net bought VNĐ251 billion on the southern exchange and VNĐ49 billion on the northern exchange.
