Market recovers strongly on large-cap stocks

Market recovers strongly on large-cap stocks

The VN30-Index, tracking the 30 biggest stocks on HoSE, reportedly gained more than 25 points and acted as the market's primary driver.

Customers at a VPBank transaction office. Shares of the lender climbed over 3.2 per cent on Thursday, supporting the market's recovery. — Photo courtesy of the bank

The market rebounded strongly on Thursday after a correction in the previous session, with bargain-hunting showing up more clearly as selling pressure eased.

On the Hochiminh Stock Exchange (HoSE), the VN-Index gained nearly 27.1 points, or 1.43 per cent, to 1,899.18 points. Earlier, the index even slipped to around 1,883 points as selling continued to appear. 

Market breadth leaned toward buyers, with the number of advancing stocks outweighing decliners. 

Even with the positive rebound, liquidity showed signs of cooling compared with the preceding session. Trading value on the southern bourse was reported at nearly VNĐ22.2 trillion (US$841 million), well below the roughly VNĐ30 trillion level seen in the prior high-volatility session. 

The VN30-Index also soared 25.11 points, or 1.23 per cent, to 2,068.62 points. Within the VN30 basket, 24 ticker symbols ticked up, six times the number of those decreased. 

The key change was that bottom-fishing demand gradually returned, primarily targeting large-cap, pillar stocks rather than spreading evenly across the board.

The main focus of the rebound was the recovery in stocks linked to the Vingroup ecosystem after their sharp decline the day before. 

Vingroup (VIC) rose about 4 per cent, Vinhomes (VHM) increased more than 3 per cent and Vincom Retail (VRE) rebounded nearly 3.5 per cent. The rebound of these three names was lifting the VN-Index and improving investor sentiment.

Beyond the Vingroup complex, broad-based gains are seen across banking and securities. In the VN30 basket, VPBank (VPB) climbed more than 3 per cent, BIDV (BID) rose 1.75 per cent, Vietcombank (VCB) added 1.5 per cent and Techcombank (TCB) gained 1.2 per cent.

Technology stocks also remained prominent, with FPT Corporation (FPT) jumping more than 4 per cent after an extended period of weakness. In the securities sector, SSI Securities (SSI), Vietcap Securities (VCI) and VNDirect Securities (VND) were also edged higher, though more modestly.

On the Hanoi Stock Exchange (HNX), the HNX-Index increased 0.45 points, or 0.18 per cent, to 255.07 points.

Investors poured VNĐ835.9 billion into the northern bourse, equivalent to a trading volume of nearly 38.5 million shares. 

Also supporting the market, foreign investors returned to the market after multiple consecutive net selling sessions. Particularly, they net bought more than VNĐ261 billion on HoSE. 

Bizhub