Shares claim losses on bargain hunting

Thursday, Nov 17, 2022 03:11

An investor at a Sacombank office in HCM City. Sacombank shares (STB) rose 7 per cent on Wednesday. — Photo courtesy of the bank

Shares recouped their losses on Wednesday as bargain hunters combed large-cap stocks, lifting the overall market.

On the Ho Chi Minh Stock Exchange, the VN-Index regained 3.4 per cent, to close at 942.90 points. The southern market’s index lost 3.1 per cent on Tuesday.

The market's sentiment was more bullish with more stocks increasing, of which 415 stocks inched higher and 63 reduced. Liquidity hit a peak in the last eight months with matching value reaching VND14.4 trillion (US$581 million), equal to a matching volume of 1 billion shares.

The index's reversal was boosted by some pillar stocks as the 30 biggest stocks tracker VN30-Index posted a gain of 3.93 points, or 3.93 per cent, to finish Wednesday at 940.29 points. Of the VN30 basket, 26 stocks climbed, while four declined.

Gainers contributing to the VN-Index most included banking stocks, with gainers including Military Bank (MBB), Techcombank (TCB), Bank for Investment and Development of Viet Nam (BID), VietinBank (CTG), Viet Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tien Phong Bank (TPB) and Vietcombank (VCB).

Prices of many shares in the VN-30 basket, especially companies with good performance, have dropped to attractive levels, luring bargain hunters. They included Hoa Phat Group, SSI Securities Inc (SSI), Sabeco (SAB), Mobile World Group (MWG). They all hit the daily limit gain of 7 per cent.

Foreign capital inflows have been a bright spot in the market in recent sessions. In the first half of November, foreign investors strongly net bought nearly VND6.8 trillion in the whole market. This is a very positive signal of foreign capital inflows, especially compared to the previous period, foreign investors net sold continuously in September and October with a value of nearly VND5 trillion.

Thus from the beginning of this year to the end of November 15, the accumulated net trading value in more than 11 months of foreign investors reversed to a net buying of nearly VND5.8 trillion; Previously, the first 10 months of the year were still recording a net selling value.

On the Ha Noi Stock Exchange, the HNX-Index also regained 4.36 per cent to close Wednesday at 183.45 points. The northern market’s index had lost 4.18 per cent to close Tuesday at 175.78 points.

More than 101.4 million shares worth VND1.1 trillion were exchanged here. — VNS

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