Market reverses, VN-Index back to 1,260 point-level
The market's reversal was driven by bargain buying force after the recent downturn.
The market benchmark VN-Index recovered on Wednesday, snapping the four-day streak of losses as investors seized opportunities to buy.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 17.62 points, or 1.42 per cent, to 1,260.08 points. The recovery helped recoup some losses of more than 28 points set in the last four sessions.
Breadth of the market was positive as the number of gainers surpassed that of decliners by 220 to 98. Liquidity on the southern bourse rose slightly over the previous trade to nearly VNĐ23 trillion (US$927.6 million), equal to a trading volume of 915.6 million shares.
The VN30-Index, tracking the 30 biggest stocks in terms of market capitalisation, also rebounded to 1,259.06 points, a 24.32-point increase or 1.97 per cent. In the VN30 basket, 24 ticker symbols ticked up while four dropped and two ended flat.
The HNX-Index on the Hà Nội Stock Exchange (HNX) finished higher at 238.03 points, up 1.87 points, or 0.79 per cent. Nearly 77.6 million shares were traded on HNX, worth VNĐ1.58 trillion.
The market's reversal was driven by bargain buying force after the recent downturn.
The banking stocks led the uptrend today with seven out of ten tickers in the top 10 biggest contributors in the industry. Particularly, BIDV (BID) was the biggest winner, up over 2.7 per cent.
It was followed by Techcombank (TCB), Vietinbank (CTG), MBBank (MBB), VPBank (VPB), Vietnam International Commercial Joint Stock Bank (VIB) and Vietcombank (VCB), with VIB even logging the maximum daily gain of 7 per cent.
Also supporting the rally, Mobile World Investment Corporation (MWG) soared nearly 5.5 per cent, FPT Corporation (FPT) was up 2.23 per cent and PV GAS (GAS) climbed 1.63 per cent.
In contrast, some real estate stocks still faced strong selling pressure. The trio stocks of the Vin-family lost in a range of 0.93-1.5 per cent.
Meanwhile, foreign investors net sold more than VNĐ564.2 billion on the two main exchanges. Of which, they net sold nearly VNĐ566.3 billion on HoSE but net bought VNĐ2.08 billion on HNX. — VNS
