Shares rebounded on Wednesday after three consecutive declining sessions but the recovery was fragile on modest liquidity.
The VN-Index on the HCM Stock Exchange recouped 0.5 per cent to close at 771.3 points. The southern index had dropped 1.4 per cent in the last three sessions.
Major large-cap stocks rescued the market, with earners including PV Gas (GAS), up 3.3 per cent; brewery Sabeco (SAB) up 2.7 per cent; Vietinbank (CTG), up 1.7 per cent; Vinamilk (VNM), up 0.7 per cent; Petrolimex (PLX) and BIDV (BID), both up 0.5 per cent.
On the negative side, many blue chips remained in a downward spiral such as Vietcombank (VCB), real estate developer VinGroup (VIC), insurer Bao Viet Holdings (BVH), IT giant FPT Corp (FPT), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG).
The VN30 which tracks the top 30 shares by market value and liquidity was down 0.5 per cent to end at 737.77 points.
“The market returned to the short-term supportive level of 770 points but the uptrend was not sustainable due to low existing liquidity and weak market cash flow which mainly channeled into the main stock groups,” market analysts at BIDV Securities Co wrote in yesterday’s report.
Almost 237 million shares worth VND4.4 trillion (roughly US$194 million) were traded in the southern market, nearly unchanged compared to the previous session.
Hoang Anh Gia Lai Co (HAG) and Tan Tao Investment Industry Corp (ITA) recovered after a slump on Tuesday following the news that these three shares will be removed from the VN30 on July 24. HAG inched up 0.1 per cent while ITA rose 0.9 per cent.
On the Ha Noi Stock Exchange, the HNX-Index was up 0.21 per cent at 98.81 points. The northern market index lost 2.2 per cent in the last three sessions.
Liquidity remained modest with 64.6 million shares worth VND561 billion traded in the northern exchange.
Foreign traders ended as net sellers for total net value of VND36 billion on the two bourses. They were net buyers for VND86 billion on Tuesday. – VNS