Market recovers, VN-Index approaches 1,280 points
The VN-Index remained above the reference level for most of the day, trading within a stable range and closing the session higher.
Shares rallied on Tuesday as the recovery of large-cap stocks helped the VN-Index regain 4.73 points after two sessions of falls, while manufacturing industry stocks rose sharply.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 4.73 points or 0.37 per cent to close the trading session at 1,279.5 points.
The VN-Index remained above the reference level for most of the day, trading within a stable range and closing the session higher.
The market's breadth was also positive as the number of gainers surpassed that of losers by 214 to 107. Liquidity on the southern bourse still remained high at VNĐ22.5 trillion (US$887 million), equivalent to a trading volume of 805 million shares.
The 30 biggest stocks tracker, the VN30-Index, climbed slightly, up 0.19 points or 0.01 per cent, to 1,309.89. Fourteen ticker symbols in the VN30 basket edged up, while eight inched down and eight stocks ended flat.
Data compiled by the financial website vietstock.vn showed that Đức Giang Chemicals Group JSC (DGC) was the biggest gainer on the market and led in terms of capitalisation. Shares of the chemical manufacturer hit a ceiling on Tuesday, rising seven per cent, contributing more than 0.8 points to the VN-Index gain.
It was followed by Vietnam Airlines JSC (HVN), whose shares also increased strongly on Tuesday, up 3.5 per cent, contributing more than 0.6 points to the VN-Index.
Oil and gas stocks also performed well on Tuesday. Notably, PetroVietnam Power Corporation (POW) hit the ceiling, up 6.81 per cent. It was followed by Viet Nam National Petroleum Group (PLX), whose shares up 2.76 per cent and PetroVietnam Gas Joint Stock Corporation (GAS) with an increase of 0.52 per cent.
Limiting the rallies, some banking stocks still faced strong sell-offs, such as Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) which posted a decline of 1.22 per cent, Vietnam Prosperity Joint Stock Commercial Bank (VPB) down 0.8 per cent and Vietnam Maritime Commercial Join Stock Bank (MSB) which lost 1.35 per cent.
On the Hà Nội Stock Exchange (HNX), the index also finished higher on Tuesday. It rose 0.52 per cent, to 244.43 points.
During the session, more than VNĐ1.2 trillion worth of shares were traded, equivalent to a trading volume of nearly 55 million shares on the northern market.
Foreign investors extended their net selling spree as they net sold over VNĐ655 billion on the HoSE. This bloc has been net selling for nine consecutive sessions on the northern bourse. — VNS
