Market reverses losing course on positive sentiment
The sentiment turned bullish after reports that the KRX system will be launched soon.
The domestic stock market settled higher on Monday, ending a four-day losing streak, as investors reacted positively to a new trading system announcement.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed the trading day at 1,190.22 points, a 15.37 points increase, or 1.31 per cent. The reversal recouped some of the losses set in the last four sessions.
The market's breadth was positive as the number of gainers surpassed that of losers by 275 to 65. However, liquidity on the southern bourse fell sharply by 32.5 per cent from the previous session to nearly VNĐ16 trillion (US$627.4 million), which was equal to a trading volume of 708.6 million shares.
The 30 biggest stocks tracker, VN30-Index, posted an increase of 12.61 points, or 1.06 per cent, to 1,206.64 points. In the VN30 basket, 23 stocks edged up, four ticked down and three ended flat.
The HNX-Index on the Hà Nội Stock Exchange (HNX) also opened the new week on a positive note, up 4.51 points, or 2.04 per cent, to 225.31 points. More than 78.9 million shares were traded on the northern exchange, worth over VNĐ1.5 trillion.
The sentiment turned bullish after reports that the KRX system will be launched soon.
In a recent announcement, HoSE requires securities firms to prepare for a switch to the new trading system from April 24 to April 30. The trading date on the new system is May 2. The trading data will be based on the end-of-day data from April 26.
The KRX system was scheduled to official run on December 25, 2023, but it has been delayed until now.
Statistics from a financial website vietstock.vn showed that banking stocks led the market's uptrend today. Particularly, BIDV (BID) was the biggest gainer, up 3.62 per cent. It was followed by Vietinbank (CTG), SSI Securities Corporation (SSI) and Techcombank (TCB), up 1.7-5.7 per cent.
Other real estate and manufacturing stocks also contributed to the market's gains, such as Vincom Retail (VRE) rose 5.2 per cent, Novaland (NVL) climbed 3.1 per cent and Vietnam Rubber Group (GVR) soared 2.1 per cent.
Meanwhile, foreign investors were net sellers on the market. They net sold a value of VNĐ239.7 billion on HoSE, but net bought nearly VNĐ71.6 billion on HNX. — VNS
