Market ends losing streak on bargain-hunting

Saturday, Oct 21, 2023 06:59

Hòa Phát Group's workers loading products on a boat for export. The steel producer's shares jumped more than 2.7 per cent on Friday, supporting the market's uptrend. — Photo

A surging bottom-fishing force from both domestic and foreign investors lifted the market on Friday, snapping the strong losing streak of four days.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) increased 20.18 points, or 1.86 per cent, to 1,108.03 points. The recovery helped the index recoup some of the losses in the last four sessions, but it was still on track for a weekly loss.

Strong selling pressure weighed on the market since the beginning of the week, causing the benchmark to fall below the key level of 1,100 points on Thursday.

The breadth of the market returned to positive territory with 267 gainers and 73 decliners.

Liquidity on the southern bourse also improved slightly, up 3.4 per cent over the previous session in value to VNĐ14.17 trillion (US$577.6 million).

The 30 biggest stocks tracker VN30-Index also closed higher at 1,123.69 points, an increase of 18.8 points, or 1.7 per cent. Up to 29 ticker symbols in the VN30 basket advanced, while only one finished lower.

Data from a financial website showed that the real estate sector was the market's leader in the last session of the week. Specifically, Vinhomes (VHM) was the biggest gainer, up 4.71 per cent.

Other stocks in the industry also performed well, such as Development Investment Construction JSC (DIG), Đất Xanh Group (DXG) and CEO Group (CEO) all hit the ceiling prices, while Kinh Bắc City Group (KBC), Novaland (NVL) and Phát Đạt Real Estate Development JSC (PDR) lost at least 3.6 per cent.

Further supporting the bullish trend, Vietinbank (CTG), Hòa Phát Group (HPG), Masan Group (MSN), and PV Gas (GAS) soared in a range of 1.6-3.92 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also ended its losing streak today, up 5 points, or 2.24 per cent, to 228.45 points.

Investors poured more than VNĐ1.8 trillion into the northern bourse, equal to a trading volume of 97.47 million shares.

The market also received support from foreign capital inflow as foreign investors net bought on HoSE for the fourth day in a row. In particular, they net bought VNĐ764.25 billion on HoSE. — VNS

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