VN-Index hits three-week high, breaking 1,100 points
However, foreign investors were net sellers on the market despite the sharp gains in shares.
Shares rebounded strongly on Wednesday with numerous steel, real estate and securities stocks hitting the ceiling prices.
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) increased more than 33 points, or 3.07 per cent, to 1,113.43 points. This was the index’s highest close since October 17.
On the southern bourse, 296 stocks ticked higher, of which, 55 tickers registered the biggest intraday gain of 7 per cent, and 42 stocks declined.
Liquidity surged from the previous session. Specifically, the trading value on HoSE climbed more than 47.6 per cent to nearly VNĐ18.6 trillion (US$763 million), equivalent to a trading volume of some 952.6 million shares.
According to analysts at Saigon - Hanoi Securities JSC (SHS), after a deep correction, the market needs to move to a new balance zone and accumulate in the mid-term, with a wide fluctuation range. As a result, it needs more time to form the new base.
“With a positive recovery state, we believe that the new balance area for accumulation is likely to be in the range of 1,100 - 1,150 points. In the worst case, it may accumulate over the level of 1,000 points,” SHS said.
The VN30-Index, which tracks the 30 biggest stocks on the southern exchange, settled at 1,129.95 points, an increase of 37.24 points, or 3.14 per cent.
Up to 29 stocks in the VN30 basket advanced and only one stayed flat.
Data compiled by financial website vietstock.vn showed that Hoà Phát Group (HPG) led the market’s recovery today, as shares of the leading steel producer jumped 4.46 per cent.
Other stocks in the industry also posted outstanding gains, with Hoa Sen Group (HSG) and Nam Kim Group (NKG) hitting the maximum rally of 7 per cent.
Also supporting the bullish sentiment, stocks in the real estate and securities performed well, such as SSI Securities Corporation (SSI), VNDirect Securities Corporation (VND), SHS, VIX Securities JSC (VIX), Hồ Chí Minh Securities Corporation (HCM), MS Securities Company (MSB), Novaland (NVL), Đất Xanh Group (DXG), Development Investment Construction JSC (DIG) and Phát Đạt Real Estate Development JSC (PDR) all hitting the ceiling prices.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also rose 8.74 points, or 4 per cent, to 227.03 points.
During the trade, nearly 125 million shares were traded on HNX, worth nearly VNĐ2.3 trillion.
Meanwhile, foreign investors were net sellers on the market despite the sharp share gains. Of which, they net sold over VNĐ269.5 billion on HoSE, but net bought nearly VNĐ60 billion on the northern bourse, HNX. — VNS
