Market bounces back, VN-Index gains more than 13 points

HÀ NỘI — Việt Nam’s stock market settled higher on Wednesday, reversing the morning course as many stocks recovered from earlier losses. Meanwhile, foreign investors continued to flee from the market. 

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index jumped  一 三.0 五 points, or  一.0 四 per cent, to close Wednesday trade at  一, 二 六 九.0 九 points. It hit the session low of  一, 二 四 九. 一 八 points.

The market breadth was positive with  三0 九 stocks climbing while  一0 二 stocks declined. And  五 一 stocks ended flat. 

The liquidity was also high as over  六 七 一. 二 million shares were traded on the southern bourse, worth VNĐ 一 九. 七 八 trillion. 

According to Bảo Việt Securities, the VN-Index is expected to continue to struggle at the resistance territory around  一, 二 七 五 points in the next few sessions. 

“The index is likely to face some corrections before testing this resistance zone again,” the securities firm said in a daily report to investors. 

“In general, the market might continue to move sideways to create a new base above  一, 二00 point-level in the short-term.”

Bảo Việt Securities reco妹妹ended investors keep stock proportions in portfolios at  三 五 -  四0 per cent, and give priority to holding medium-term positions. 

Investors also should consider opening long position in the short-term if the market corrects to the  一, 二00 -  一, 二 二0 point-level or successfully breaches the resistance zone of  一, 二 七 五 -  一, 二 八 五 points, the firm added.

The recoveries of many large-cap stocks were the main driving forces for the market. The VN 三0-Index, which tracks  三0 biggest stocks in market capitalisation on HoSE, rose  二0. 九 八 points, or  一. 五 四 per cent, to  一, 三 八0. 一 七 points. 

Of the VN 三0 basket,  二 六 stocks increased while only three fell and one stock stayed unchanged. 

Bank stocks led the market’s rally yesterday with Techcombank (TCB) being the biggest gainer, up  四. 七 九 per cent. 

Other bank stocks recording outstanding performance were Sacombank (STB), which hit the maximum daily gain of  七 per cent, Vietinbank (CTG) up  一. 八 一 per cent, and VPBank (VPB) up  一. 五 九 per cent.

Stocks from the material sector also gained big with Vietnam Rubber Group (GVR) up nearly  七 per cent, while Masan Group (MSN) and Hoà Phát Group (HPG) were up  二. 四 六 per cent and  一. 一 三 per cent, respectively. 

Meanwhile, losses of Vingroup JSC (VIC), Viecombank (VCB) and Vinhomes JSC (VHM) capped the market’s gain.

On the Hà Nội Stock Exchange (HNX), the HNX-Index jumped 0. 九 二 per cent to  二 八 二. 三 三 points. During the session, over  九 二. 三 million shares were traded on the bourse, worth nearly VNĐ 二 trillion. 

On the other hand, foreign investors were still net sellers on both exchanges with a total value of VNĐ 五 六 六. 七 billion. Of which, they net sold a value of VNĐ 五 六 六. 一 三 billion on HoSE and a value of VNĐ 一0. 五 七 billion on HNX. —VNS