Shares close higher on bargain-purchases
The stock market finished higher Wednesday, boosted by bargain-hunting force after a two-day correction.
The stock market finished higher Wednesday, boosted by bargain-hunting force after a two-day correction.
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) closed the trading day at 1,153.85 points, an increase of 1.4 per cent.
The index had lost a total of 4.6 per cent in the last two sessions.
The market’s breadth returned to positive territory with more stocks recovering. Specifically, 308 ticker symbols on HoSE added points, while 191 dropped lower.
Trading value on the southern bourse reached VNĐ18.2 trillion (US$746.6 million), equal to a trading volume of nearly 860.4 million shares.
The index’s reversal was mainly driven by gains in some large-cap stocks as recent sharp falls stimulated some investors to increase stock proportions in their portfolios.
The VN30-Index, which tracks the 30 biggest stocks on HoSE also rose higher, up 1.32 per cent, to 1,168.60 points.
In the VN30 basket, 27 stocks advanced, two stocks declined and one ended flat.
Statistics from a finance website vietstock.vn showed that SSI Securities Inc (SSI) recorded the best performance yesterday and led the bullish trend. The company's shares soared 6.9 per cent.
Other pillar stocks supporting the uptrend were FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Hòa Phát Group (HPG), and Vietnam Rubber Group (GVR).
Becamex (BCM) of the realty industry and Mobile World Investment Corporation (MWG) of the retail sector also saw big increases, lifting the sentiment.
Banking stocks performed positively and bolstered the increase of the market with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tiên Phong Bank (TPB) and Vietcombank (VCB).
“Despite support, the market's recovery is still modest. The supportive cash flow status is generally still cautious as the market recovers, shown by reduced liquidity,” said Việt Dragon Securities Co.
“Signs of unsuccessful recovery and weakening at the end of the session, showing that the market trend is still negative. Therefore, investors still need to observe and evaluate the support efforts of cash flow at the support zone of 1,120 - 1,138 points. Currently, it is still necessary to keep the portfolio proportion at a safe level to prevent risks,” it said.
On the Hà Nội Stock Exchange (HNX), the HNX-Index rebounded, up 2.65 per cent, to end at 235.84 points.
During the trading session, nearly VNĐ1.8 trillion worth of shares, equal to nearly 98.8 million shares, was traded on the northern market. — VNS
