Market sees rebound, supported by significant foreign net buying

Tuesday, Nov 28, 2023 17:32

Inside a factory of Hòa Phát Group (HPG). HPG rose 1.5 per cent on Tuesday. — Photo HPG

Tuesday saw a rebound in shares, driven by the continued gains of large-cap stocks. The market benefited from robust buying forces, supported by significant foreign net buying activity.

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) gained 0.68 per cent to end at 1,095.43 points.

The index had lost 0.69 per cent to end Monday at 1,088.06 points.

The market's breadth was positive with 290 stocks rising, while 210 slid.

Investors poured over VNĐ14 trillion (US$577 million) into the southern exchange, equivalent to a trading volume of 682 million shares.

The 30 biggest stocks tracker VN30-Index gained 0.94 per cent, to end at 1,088.51 points. Twenty-two in the VN30 basket climbed, while four decreased and four stayed flat.

Investors witnessed a positive turnaround in the stock market on Tuesday, with shares bouncing back. The extended gains of large-cap stocks played a key role in this upward movement, fueled by strong buying forces, said news site

"Notably, foreign investors contributed to the market's momentum with substantial net buying activity, further bolstering the overall sentiment."

On HOSE, foreign investors were net buyers of approximately VNĐ47 billion, it said.

"In the meantime, cash flow is generally still cautious when the market recovers. Currently, temporary supply has not put much pressure on market, but with the cautious state of cash flow, it is likely that market movements will continue to be quiet and there is a potential risk of decline in the near future," said Việt Dragon Securities Co.

"Therefore, investors should temporarily limit short-term purchases and be cautious about potential risks. Currently, it is still necessary to consider profit taking and portfolio structure to minimise risks."

In the VN-30 basket, the best performers were Masan Group (MSN), the Việt Nam Rubber Group (GVR), Vinhomes (VHM), PetroVietnam Gas JSC (GAS), Hòa Phát Group (HPG), SSI Securities Inc (SSI), Mobile World Group (MWG), Bảo Việt Holdings (BVH), FPT Corporation (FPT) and Vietjet (VJC).

The securities group performed positively, with SSI Securities Inc (SSI), VNDirect (VND), and Agribank Securities Corporation (AGR) all advancing.

Banking stocks also attracted cashflow, with gainers including Asia Commercial Bank (ACB), Bank for Investment and Development (BID), HDBank (HDB), Military Bank (MBB), Techcombank (TCB), Sacombank (STB) and VPBank (VPB).

On the Hà Nội Stock Exchange (HNX), the HNX-Index gained 0.22 per cent to end Tuesday at 224.39 points.

During the trading session, nearly 77.9 million shares were traded on HNX, worth nearly VNĐ1.4 trillion. — VNS

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