VN stocks bounce on purchases

Tuesday, Mar 31, 2020 12:33

Steel pipes produced by Hòa Phát Group. The firm's shares jumped 5.2 per cent on Tuesday morning. - Photo

Vietnamese shares rebounded on Tuesday morning, led by large-cap firms after their stocks had suffered prolonged selling.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 2.38 per cent to close at 678.02 points.

The HNX-Index on the Ha Noi Stock Exchange rose 1.2 per cent to end at 94.40 points.

The two local indices tumbled 4.86 per cent and 4.18 per cent on Monday.

More than 150 million shares were traded on the two exchanges, worth VND1.75 trillion (US$73.7 million).

The figure included more than 126 million shares sold via order-matching, worth nearly VND1.2 trillion.

Large-cap stocks lifted the market on Tuesday as worries about the COVID-19 pandemic and its impact on the global economy led to investors selling local assets and brought shares to more attractive price levels.

That might encourage investors to buy large-cap stocks in hopes of short-term profits.

The large-cap tracker VN30-Index on HoSE advanced 2.53 per cent and the HNX30-Index on HNX was up 1.1 per cent.

Leading the market were Vincom Retail (VRE), Vingroup (VIC), steelmaker Hoa Phat (HPG), retailers Petrolimex (PLX) and Mobile World Investment (MWG), and financial firms Bảo Việt (BVH) and HDBank (HDB).

The afternoon trading session starts at 1pm. – VNS

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