Market ends the week with a recovery session
Market ends the week with a recovery session
Shares rallied on Friday as the recovery of large-cap stocks helped the VN-Index regain 9.64 points after the previous session's sharp decline, while foreign investors strongly net bought.
A BIDV branch in HCM City. Shares of the bank led the gainers as the market recovered. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 9.64 points, or 0.79 per cent, to close the trading session at 1,236.6 points.
The market's breadth was positive as the number of gainers surpassed losers by 203 to 124. Liquidity on the southern bourse decreased significantly by 23.41 per cent to VNĐ16.4 trillion (US$657 million), equivalent to a trading volume of 696 million shares.
The 30 biggest stocks tracker, the VN30-Index, also recovered, up 9.01 points, or 0.71 per cent, to 1,281.01. Twenty-two ticker symbols in the VN30 basket edged up, while six inched down and two stocks ended flat.
Data compiled by the financial website vietstock.vn showed that the Bank for Investment and Development of Vietnam (BID) was the biggest gainer on the market and led in terms of capitalisation. Shares of the lender rose 2.03 per cent, contributing more than 1.3 points to the VN-Index gain.
It was followed by Vietnam Rubber Group - Joint Stock Company (GVR), which rose 3.03 per cent, Vietnam Technological and Commercial Joint Stock Bank (TCB), up 2.17 per cent and Hòa Phát Group JSC (HPG), increasing by 2.06 per cent.
However, some large-cap stocks faced strong sell-offs. Notably, the Bank for Foreign Trade of Vietnam (VCB), whose shares fell sharply by 2.21 per cent, reducing the VN-Index by more than 2.6 points and leading the market's decliners. This performance contrasted with the previous session when Vietcombank shares provided support during a significant decline.
According to analysts from SHS Securities, the market has shown disappointing and negative short-term movements, starting August with a lack of corporate information following the Q2 reports. Therefore, the market will largely depend on the growth prospects of large-cap companies and GDP growth. Short and medium term investors should maintain a reasonable proportion, below average and consider restructuring to reduce the proportion of stocks with disappointing Q2 2024 business results, respecting stop-loss levels if any, as short-term selling pressure is increasing.
The Hà Nội Stock Exchange (HNX) index also finished higher on Friday, rising by 1.02 per cent to 231.56 points.
During the session, more than VNĐ1.1 trillion worth of shares were traded, equivalent to a trading volume of more than 61 million shares on the northern market.
Foreign investors net bought strongly. Specifically, they net bought VNĐ743 billion on the southern exchange and nearly VNĐ40 billion on the northern exchange.
