A store of Mobile World Investment Corporation on Minh Khai Street, Ha Noi. The company shares hit the biggest daily gain of 7 per cent yesterday. — VNS/VNA Photo
The market ended higher on Wednesday with the VN-Index recovering from the previous session's losses. Meanwhile, foreign investors flocked back to the market with a net buy value of more than VND2 trillion.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSe) surged 33.76 points, or 2.49 per cent, to 1,388.55 points. The index lost more than 56 points, falling below the key level of 1,400 points, as selling forces weighed on the market in the last trading hour of Tuesday.
The market's breadth stayed negative as 226 stocks decreased, while 147 stocks rose and 40 ended flat.
The liquidity remained high with nearly 740 million shares traded, worth nearly VND24.87 trillion (US$1.1 billion).
The rally was thanks to recoveries in large-cap stocks. The VN30-Index posted gains of 50.35 points, or 3.38 per cent, to 1,538.77 points. Of the 30 biggest stocks in the VN30 basket, 26 stocks rose while only four slid.
Stocks across all sectors jumped sharply yesterday.
In the top five stocks influencing the market's rally, Vinhomes JSC (VHM) was the biggest gainer in market capitalisation, up 6.07 per cent.
It was followed by PetroVietnam Gas JSC (PVGas, GAS), Techcombank and Hoa Phat Group (HPG), up 6.64 per cent, 4.81 per cent and 3.96 per cent, respectively.
Other stocks like Vietjet Aviation JSC (VJC), FPT Corporation (FPT) and Mobile World Investment Corporation (MWG) also witnessed good performance, with MWG shares hitting the maximum daily gain of 7 per cent.
After the VN-Index broke through the short-term support level of around 1,380 points, the index's technical signals were weaker and the next support zone is 1,325 points, said analysts from Saigon - Hanoi Securities JSC (SHS).
Based on Elliott theory, the market might enter the corrective wave A with a target of around 1,210 points. However, after strong correction sessions, the market often has technical recoveries to claim back some losses, SHS added.
On the Ha Noi Stock Exchange (HNX), the HNX-Index also inched 0.41 per cent higher to 319.83 points, boosted by gains in large-cap stocks. The HNX30-Index, tracking the 30 biggest stocks on the northern bourse, increased 1.01 per cent to 498.17 points.
During the session, over 168.93 million shares were traded on HNX, worth nearly VND3.9 trillion.
While foreign investors were net buyers on HoSE, with a net value of VND2.08 trillion, they net sold a value of VND47.27 billion on HNX. — VNS