Vietnamese shares lost ground in a volatile session on Tuesday as bargain hunting demand failed to rescue market from collapse, ravaged by continued and massive selling force.
Vietnamese shares rebounded on Wednesday, bolstered by the growth of blue-chip stocks as investors sought stocks that had been hit hard in the previous sessions.
Vietnamese shares are forecast to encounter sharp volatility in the short-term as the market shows signs of correction after three consecutive weeks of gains, analysts said.
Nine bidders have registered to participate in auctions of 108 million shares of the Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO), listed on the HNX under the code IDC.
A total of 42.3 million State shares sold from January-October fetched nearly VND1.04 trillion (US$44.75 million), according to the Ha Noi Stock Exchange (HNX).
While corporate earnings reporting no longer has an impact on overall market sentiment, all eyes will be on new developments of the second wave of coronavirus in Viet Nam.
The decline of the VN30 futures and the gap between the VN30-Index and its VN30 futures indicated that investors still felt negative about the market’s short-term development
Vietnamese shares declined on Tuesday, dragged by market heavyweights as selling pressure increased significantly towards the closing minutes of trading.