Market snaps three-day losing streak due to fishing
Market snaps three-day losing streak due to fishing
The stock market finished slightly higher on Wednesday, boosted by bottom-fishing demand after the strong correction in the previous session. While foreign investors returned to the southern market, they still net sold a large volume on the northern bourse.
Landmark 81 building, invested by Vingroup, in HCM City. Vingroup's shares soared nearly 2.4 per cent on Wednesday, leading the market's recovery. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index increased 1.01 points, or 0.08 per cent, to close the trading day at 1,270.9 points.
The market’s benchmark had dipped nearly 10 points on Tuesday, marking its strongest fall in more than a month.
The breadth of the market was positive, as the number of winners surpassed that of losers by 175 to 125.
In the morning session, investors traded with sceptical sentiment after Tuesday’s strong correction, leading to a sluggish market performance. The market indices fluctuated mildly around the reference point, eventually closing slightly lower.
As the afternoon trading session unfolded, market dynamics remained largely unchanged from the morning session. The primary shift was a reduction in selling pressure, prompting a resurgence in several stocks, including some blue-chip stocks. This helped the VN-Index recover slightly, closing in positive territory.
Liquidity, however, plunged more than 26 per cent from the previous session to over VNĐ14 trillion (US$552.8 million).
The 30 biggest stocks tracker, VN30-Index inched slightly higher, up 0.8 points, or 0.06 per cent, to 1,349.72 points. In the VN30 basket, 14 ticker symbols rose, 11 ticked down and five ended flat.
A noteworthy development was the divergence within the Vin-family stocks. While Vinhomes (VHM) experienced profit-taking and posted a 2.38 per cent decline, Vingroup (VIC) and Vincom Retail (VRE) saw significant gains.
VIC was the biggest gainer on the market, contributing nearly one point to VN-Index’s rally.
Shares of the real estate giants closed the day at 2.37 per cent after soaring up to 5 per cent earlier in the session.
Other stocks in the real estate industry including Đất Xanh Group (DGX), Development Investment Construction JSC (DIG), Phát Đạt Real Estate Development JSC (PDR) and Khang Điền House Trading and Investment JSC (KDH), also posted impressive performances with gains of at least 1.8 per cent.
FPT Corporation (FPT), Sacombank (SCB), Tiền Phong Commercial Joint Stock Bank (TPB) and Masan Group (MSN) also contributed to the bullish trend.
The HNX-Index on the Hà Nội Stock Exchange (HNX) ended its recent declines to inch higher. It traded at 226.5 points, up one points, or 0.44 per cent.
On the northern market, over VNĐ662.5 billion was poured into the bourse, equivalent to a trading volume of nearly 40.8 million shares.
Meanwhile, foreign investors were still net sellers on the HNX, despite a net buying of more than VNĐ9.23 billion on HoSE. They net sold a total of VNĐ58.57 billion.
