Shares gain on bargain hunting

Wednesday, Jun 17, 2020 07:12

A corner of Vinamilk Tay Ninh dairy farm. Shares of VInamilk rose 4 per cent on Tuesday. — VNA/VNS Photo
Shares recovered on Tuesday after suffering sharp drops in the last three trading sessions as investors sought bargains in beaten-down stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 2.84 per cent to end at 856.13 points.

The index plunged 3.6 per cent to end Monday at 832.47 points.

More than 412.4 million shares were traded on the southern bourse, worth nearly VND5.6 trillion (US$242.8 million).

Market breadth on HoSE was positive with 307 gainers and 94 decliners.

The blue-chip share tracker VN30-Index gained 2.58 per cent to 798.82 points.

Twenty-six of the 30 largest stocks by market valuation and trading liquidity increased while three decreased.

Recent sharp falls have triggered investors to scoop up falling stocks, especially large-caps. Gainers on Tuesday included Vinhomes (VHM), soaring 7 per cent, Vingroup (VIC), climbing 4.9 per cent, dairy firm Vinamlik (VNM), gaining 4 per cent, Vietcombank (VCB), up 2.1 per cent, Bank for Investment and Development of Viet Nam (BID), increasing 2 per cent, Vietinbank (CTG), surging 4.3 per cent, Hoa Phat Group (HPG), climbing 3.1 per cent, PetroVietnam Gas JSC (GAS), up 1.4 per cent and Techcombank (TCB), going up 2.5 per cent.

Securities stocks also recorded strong gains such as Saigon Securities Co (SSI), up 5.2 per cent, Saigon-Hanoi Securities Co (SHS), up 5.2 per cent, Ho Chi Minh Securities Corp (HCM), gaining 4.5 per cent, VNDirect Securities Co, soaring 7 per cent and VietCapital Securities (VCI), rising 3.5 per cent.

On a sector basis, 23 out of 25 sectors on the stock market gained ground while two declined. Among the gainers were banking, insurance, securities, real estate, energy, retail, wholesale, information and technology, agriculture, healthcare, rubber production, food and beverage, seafood processing, logistics and construction.

Those sector indices increased between 1.1 and 4.8 per cent.

On the Ha Noi Stock Exchange, the HNX-Index was up 1.46 per cent to close Tuesday at 115.49 points.

More than 62.5 million shares were traded on the northern bourse, worth nearly VND599.3 billion.

Foreign investors net bought VND55.99 billion on the HOSE. They were net sellers on the HNX with a value of VND5.9 billion.

BIDV Securities Co said investors could open short-term positions or increase portfolio proportion of good fundamental stocks that corrected in the previous session. — VNS

Comments (0)