Shares recover on bottom fishing

Friday, Jan 10, 2020 08:05

A beer production line at a factory of Sabeco (SAB). SAB rose 1.7 per cent on Thursday. — Photo

Vietnamese shares bounced back on Thursday after Wednesday's sharp fall sent stocks down to attractive prices, enticing investors to bottom-fish.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange advanced 1.18 per cent to close at 960.15 points.

More than 166.1 million shares were traded on the southern bourse, worth VND3.2 trillion (US$137.7 million).

The index slumped 1.03 per cent to close Wednesday at 948.98 points.

Market breadth was positive, with 224 stocks gaining and 113 declining, while 46 ended flat.

Shares recovered as investors sought stocks that had been hit hard in the previous session.

Pillar stocks attracted cash flow, all rising and supporting the market. Gainers included Bank for Investment and Development (BID) (+5.4 per cent), Vietcombank (VCB) (+2 per cent), Vietinbank (CTG) (+3.7 per cent) and Vincom Retail (VRE) (+4 per cent).

Petroleum stocks plunged in line with world oil prices with PetroVietnam Drilling and Well Services Co (PVD) (-2.9 per cent), PetroVietnam Technical Services Corp (PVS) (-2.1 per cent), Binh Son Refinery and Petrochemical Joint Stock Company (BSR) (-3.7 per cent) and PetroVietnam Coating Corporation (PVB) (-2.7 per cent) all suffered.

According to Reuters, the global oil price is lower than the level recorded before the killing of top Iranian official Qasem Soleimani by the US. Brent futures hovered at $65.41 per barrel, about where they began the year.

On a sector basis, eight of the 25 sectors saw share prices fall, including wholesale, insurance, oil and gas, and seafood processing.

On the opposite side, 17 of 25 sectors improved, including information and technology, logistics, construction material, real estate, banking, plastic, and chemicals.

On the Ha Noi Stock Exchange, the HNX-Index climbed 0.92 per cent to end at 101.25 points on Thursday.

More than 24.7 million shares were traded on the northern market, worth VND303 billion.

The northern index lost 1.07 per cent to end at 100.33 points on Wednesday.

Foreign investors net bought VND141.99 billion on HOSE, including Phu Nhuan Jewelry Joint Stock Company (PNJ) (VND76.63 billion), Vietinbank (CTG) (VND21.14 billion) and Vinamilk (VNM) (VND21.11 billion). They were net sellers on the HNX with a value of VND6.23 billion. — VNS

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