VN stocks bounce from intraday lows

Wednesday, May 30, 2018 12:45

Vietnamese shares were volatile on Wednesday morning but showed signs of improvement as a sharp intraday drop triggered investors to bottom-fish. — Photo

Vietnamese shares were volatile Wednesday morning but showed signs of recovery on strong investors’ bottom-fishing.

The VN Index on the HCM Stock Exchange inched down 0.06 per cent to close at 951.59 points. It dropped as much as 2.08 per cent or nearly 20 points during the morning session.

The benchmark index gained 2.2 per cent or 20.43 points in the previous session.

The minor HNX Index on the Ha Noi Stock Exchange advanced 0.24 per cent to end at 113.15 points. It recovered after falling as much as 1.47 per cent in the morning.

The HNX Index soared 5.13 per cent on Tuesday, its highest daily growth since its establishment in 2005.

More than 95.7 million shares worth VND2.47 trillion (US$109.7 million) were traded on the southern exchange.

Market trading condition was negative, with 203 declining stocks against 170 gainers.

Financial banking stocks maintained their stellar performance to lift the two local exchanges. The banking, brokerage, and insurance sector indices gained between 2.6 per cent and 1.3 per cent, data on showed.

On the opposite side, property developers, energy, and food and beverage producers weighed down the market’s movement.

According to Viet Dragon Securities Co (VDSC), while bottom fishing helped lift the markets on Tuesday, it was too early to confirm whether the markets would recover and if the indices had actually reached their lowest levels.

The afternoon trading session starts at 1pm. — VNS

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