Market rebounds with strong gains
Market rebounds with strong gains
After a sharp decline at the start of the week, the market rebounded strongly on Tuesday, with the VN-Index surging nearly 20 points, while foreign investors maintained their net buying trend.
Vinhomes Smart City in Nam Từ Liêm District, Hà Nội City. Vinhomes JSC (VHM) shares led the gains on a positive market day. — Photo Baotintuc.vn |
On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index rose by 19.69 points, or 1.59 per cent, to close at 1,258.95 points, marking a robust recovery following the previous session’s decline.
Throughout most of the day, the VN-Index traded above the reference level, maintaining a stable range and ending the session higher.
The market's breadth was positive, with gainers outnumbering losers by 234 to 77. Liquidity on the southern bourse remained low at VNĐ13.52 trillion (nearly US$545.8 million), similar to Monday's levels.
The VN30-Index, which tracks the 30 largest stocks, climbed by 22.28 points, or 1.74 per cent, to 1,303.65 points. Twenty-nine stocks in the VN30 basket rose, one ended flat and as the numbers suggest, there were no declines.
Data compiled by the financial website vietstock.vn showed that Vinhomes JSC (VHM) was the biggest gainer, rising by 5.39 per cent and contributing nearly 2.5 points to the VN-Index.
It was followed by banking stocks, with the Bank for Foreign Trade of Vietnam (VCB) up 1.8 per cent, the Bank for Investment and Development of Vietnam (BID) increasing by 1.99 per cent and Vietnam Technological and Commercial Joint Stock Bank (TCB) rising by 2.48 per cent.
According to stock market analysts from Viet Dragon Securities, the market surged and approached the 1,260-point resistance level. However, the market’s upward momentum may be limited in the near term due to supply pressure around the 1,260–1,275 point range. It is expected that the market will see some fluctuations within the 1,240–1,275 point range in the coming sessions.
Therefore, investors can anticipate potential market recovery and consider taking profits at favourable price levels. However, they are advised to avoid chasing rising prices and instead look for opportunities to make short-term purchases in stocks with strong support levels during market corrections.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher on Tuesday, rising by 0.63 per cent to 232.3 points.
During the session, nearly VNĐ1.1 trillion worth of shares, equivalent to a trading volume of over 52 million shares, were traded on the northern market.
Foreign investors continued their net buying trend from the previous session, with net purchases amounting to over VNĐ524.84 billion on the HoSE.
