VN stocks rebound on bottom-fishing

Friday, Aug 03, 2018 07:23

Investors follow transactions at Sai Gon Securities Inc (SSI) in Ha Noi. — VNS Photo Viet Thanh

Vietnamese shares bounced back on Thursday after tumbling in the morning session, thanks to active bottom-fishing demand in the closing minutes.

The benchmark VN-Index on the HCM Stock Exchange gained 0.08 per cent to close at 953.55 points, reversing from its loss of 0.38 per cent in the previous session.

The minor HNX Index on the Ha Noi Stock Exchange rose 0.09 per cent to end at 105.65 points after having decreased by 0.56 per cent on Wednesday.

More than 253 million shares were traded on the two local exchanges, worth VND4.9 trillion (US$212 million).

The market trading condition was negative with 188 gaining stocks against 236 declining, while 318 other stocks were unchanged.

Mining, retail and construction stocks recorded the highest growth rates on Thursday to bolster the market’s rise, data on showed.

The capital inflow resulted in 8 of the 20 sectors seeing recovery, according to the website.

The large-cap VN30 Index was down 0.15 per cent to 937.86 points, with 13 gainers and 15 losers.

Late bottom purchasing helped many blue-chips gain ground, including FPT Corporation (FPT), KIDO Group (KDC), Viet Nam National Petroleum Group (PLX), Phu Nhuan Jewelry Joint Stock Company (PNJ), Sai Gon Securities Incorporation (SSI) and budget carrier Vietjet (VJC).

Remarkably, oil stocks played a leading role in the market during the session with PetroVietnam Gas JSC increasing by 2.6 per cent, PetroVietnam Technical Services Corporation (PVS) climbing by 2.8 per cent and Drilling Mud Joint Stock Corporation (PVC) rising by 3.5 per cent.

According to BIDV Securities Company (BSC), the stock market shook sharply in the morning session. However, the strong buying demand occurred in the middle of the afternoon session and especially at the end of the session, helping the indexes recover.

The market experienced volatility on Thursday as ETFs continued to restructure their portfolio and fears again increased over the US-China trade war.

Bao Viet Securities Company said in its daily report that Asian stock markets tumbled on Thursday after the Chinese foreign ministry spokesman warned that Beijing will fight back after the US increased tariffs on Chinese goods.

As mentioned in the August 1 report, the Trump administration has considered raising the tariff on $200 billion worth of Chinese goods to 25 per cent, from 10 per cent.

“Overall, we believe that factors relating to the US-China trade war will remain major risks to world stock markets and particularly the Vietnamese stock market,” BVSC said.

The next session will experience consolidation and recovery, investors should keep watching and wait for clear signals from the market, BSC said.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) was down 0.23 per cent to finish at 50.18 points. It had fallen 0.36 per cent on Wednesday. — VNS

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