A worker checking the milk processing chain of Vinamilk's plant in Bình Dương Province. The dairy producer's shares jumped on Tuesday, leading the market's rise. — VNA/VNS Photo
Shares soared on Tuesday, recovering from Monday's sell-offs as investors took advantage of bottom-fishing opportunities.
Following the sell-off frenzy in the market yesterday, the domestic market opened fairly positive in the morning trade, gaining nearly 12 points. This was aided by buying orders that had been pre-placed during the ATO (Opening Price Matching Orders) session.
The market benchmark's VN-Index attempted to test the 1,200-point mark before the lunch, but failed due to thin liquidity.
The green started spreading across the board as the afternoon session began. The index breached above 1,200 within a few minutes and kept the trend until the day closed.
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 22.21 points, up 1.87 per cent, to close Tuesday at 1,210.28 per cent. The benchmark had tumbled nearly 50 points on Monday, tracking the global equity market rout.
On the bourse, the breadth returned to positive territory with the number of gainers surpassing that of decliners by 289 to 48. However, liquidity dropped significantly by 31.1 per cent from the previous session to nearly VNĐ16.4 trillion (US$650.8 million).
The 30 biggest stocks tracker, VN30-Index also finished higher at 1,252.81 points, up 20.7 points, or 1.68 per cent. In the VN30 basket, up to 28 ticker symbols slid while two went up.
Leading the market's recovery were blue-chip stocks, including Vinamilk (VNM), BIDV (BID), Vietnam Rubber Group (GVR), FPT Corporation (FPT) and Vietcombank (VCB).
Vinamilk was the biggest gainer, up 4.76 per cent and contributing over 1.7 points to the VN-Index's rally. It was followed by GVR and MSN, up 4.15 per cent and 3.83 per cent, respectively.
In the cash flow-driven sectors, securities stocks showed the strongest performance. Tickers such as SSI Securities Corporation (SSI), Hồ Chí Minh City Securities Corporation (HCM), Vietcap Securities JSC (VCI) and FPT Securities JSC (FTS) collectively rose over three per cent, with trading volumes reaching hundreds of billions of đồng.
The bullish sentiment spread across the majority of this industry group, with many stocks gaining 1-2 per cent compared to their reference prices.
On the Hà Nội Stock Exchange (HNX), the HNX-Index rebounded to 226.46 points, up 3.75 points, or 1.68 per cent.
Investors poured nearly VNĐ1.2 trillion into the northern bourse, equivalent to a trading volume of 62.2 million shares.
Meanwhile, foreign investors kept withdrawing capital from the main trading exchange as they net sold more than VNĐ728.2 billion on HoSE. However, they net bought VNĐ28.6 billion on HNX. — VNS