VN-Index snaps 3-day losing streak

Monday, Feb 26, 2024 17:14

The headquarters of BIDV on Hàng Vôi Street, Hà Nội. The lender's shares led the market's recovery on Monday with a gain of more than 3 per cent. — VNS Photo Ly Ly Cao

The stock market inched higher on Monday, recouping some of the big losses set in the last session, as sentiment of both domestic and foreign investors improved.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 12.17 points, or 1 per cent, to 1,224.17 points. This snapped its three straight days of falling. The index had lost 1.25 per cent last Friday.

On the southern bourse, the market's breadth was positive as the number of gainers surpassed that of fallers by 194 to 121.

Liquidity stayed at a high level of above VNĐ20 trillion. However, it fell sharply from the previous session by more than 50 per cent. Particularly, the trading value on HoSE dipped 52.3 per cent to nearly VNĐ21 trillion (US$849 million). This was equivalent to a trading volume of over 889.7 million shares.

The index's reversal was mainly driven by gains in large-cap stocks, especially in banking, information technology and manufacturing industries.

The VN30-Index, tracking the 30 biggest stocks on HoSE, increased 10.22 per cent, or 0.84 per cent, to 1,233.31 points. In the VN30 basket, 19 stocks advanced, while eight ticker symbols ticked lower and three stayed flat.

Leading the rallies was one of the domestic Big4 State-owned commercial banks, BIDV (BID). Shares of the lender soared nearly 3.1 per cent.

It was followed by FPT Corporation (FPT), Vietnam Rubber Group (GVR), Techcombank (TCB) and Vietcombank (VCB). The stocks were up in a range of 0.67-4 per cent.

Also contributing to the recovery, Đức Giang Chemicals Group (DGC) surged 7 per cent, the biggest intra-day gain on the southern exchange. Techcombank (TCB) climbed 2.74 per cent, Hòa Phát Group (HPG) jumped more than 1.4 per cent, and a brokerage firm SSI Securities Corporation (SSI) increased 2.78 per cent.

On the contrary, some big names still faced strong selling pressure, such as Vingroup (VIC) which plunged 1.33 per cent, VPBank (VPB) dropped 1.28 per cent and Novaland (NLV) dropped 1.18 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also opened the market on a positive note, up 1.78 points, or 0.77 per cent, to 232.86 points.

During the session, over 98.5 million shares were traded on HNX, worth more than VNĐ1.8 trillion.

The market was also supported by the return of foreign investors as they net bought VNĐ78.35 billion on both main exchanges. — VNS

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