An office of SSI Securities Inc (SSI). SSI gained 0.7 per cent yesterday. — Photo SSI
Shares rebounded on Wednesday on the back of blue chips, but the recovery was fragile on modest liquidity.
The VN-Index on the HCM Stock Exchange recouped 0.24 per cent to close at 1,220.43 points. The southern index had dropped 0.44 per cent to close at 1,217.56 points.
More than 940.8 million shares worth VNĐ19.2 trillion (roughly US$808.8 million) were traded in the southern market, down 3.8 per cent in volume and 3.7 per cent in value compared to the previous session.
Major large-cap stocks rescued the market, with earners including Novaland (NVL), Phát Đạt Real Estate Group (PDR) and SSI Securities Inc (SSI).
On the negative side, many blue chips remained in a downward spiral, such as the trio stocks of the Vin family - Vinhomes (VHM), Vincom (VRE), and Vingroup (VIC).
Many stocks in the banking group gained ground, including Military Bank (MBB), Vietcombank (VCB), Bank for Investment and Development of Việt Nam (BID), VietinBank (CTG) and Saigon-Hanoi Commercial JS Bank (SHB), and Tiên Phong Bank (TPB).
Techcombank (TCB) and HDBank (HDB) were the only two decliners in the group.
“The market's uptrend was interrupted by strong selling pressure around 1,230 points. Temporarily, there has not been a strong sell-off but the drop showed no sign of ceasing at the end of the session, so the market's correction might still continue at the beginning of the next session to retest the increasing gap area of 1,207-1,213 points,” said Việt Dragon Securities Co.
“This gap is expected to have a supportive impact and help the market recover. Therefore, investors need to observe the cash flow signal at the support zone. Currently, it is still possible to hold stocks with good signals. However, it is necessary to consider the possibility of a recovery to take profits or reduce the weight in stocks that are at resistance areas or are showing distribution signals to minimise risks for the portfolio,” it said.
The VN30, which tracks the top 30 shares by market value and liquidity, was down 0.07 per cent to end at 1,221.32 points.
On the Hà Nội Stock Exchange, the HNX-Index was up 0.82 per cent at 241.31 points.
Liquidity remained modest, with 94.4 million shares worth VNĐ1.5 trillion traded on the northern exchange. — VNS