Local markets rebound as cheaper shares lure capital inflow

Wednesday, Apr 22, 2020 12:42

A Bank for Investment and Development of Vietnam (BIDV) office. The lender's shares soared 6.8 per cent on Wednesday morning. — Photo BIDV

Shares rebounded from a one-week low as the crude-price hit on Tuesday allowed investors to buy in cheaper assets.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange edged up 0.26 per cent to end Wednesday morning at 768.81 points.

The index posted the biggest loss of 3.54 per cent in three weeks on Tuesday.

The HNX-Index on the Ha Noi Stock Exchange gained 0.29 per cent to close at 105.00 points.

The northern market index tumbled 4.55 per cent on Tuesday – the worst decline since March 23.

Nearly 175 million shares were traded on the two exchanges, worth VND2.6 trillion (US$111 million).

The market bounced back after massive sell-offs on Tuesday cheapened local stocks, making them attractive to investors.

Strong purchasing power focused on large-cap stocks, lifting the large-cap tracker VN30-Index up 0.64 per cent.

The biggest gainers in the VN30 basket included Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), VPBank (VPB) and steel producer Hoa Phat (HPG).

Among those large-caps, BID soared 6.8 per cent.

Mid-cap and small-cap stocks also advanced firmly.

US crude slumped nearly 6.5 per cent to trade at $10.8 a barrel on Wednesday. It gained nearly 129 per cent from negative $37.63 a barrel hit on Monday.

The afternoon trading session starts at 1pm. — VNS

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