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Market rebounds on strong bottom-fishing demand

HÀ NỘI — The stock market settled higher on Wednesday, ending the losing streak as strong bottom-fishing demand in the afternoon session pulled up investors' sentiment.

The VN-Index on the Hồ Chí Minh Stock (HoSE) ended on Wednesday at  一, 四 七 七. 二 points, up  二 一. 九 五 points, or  一. 五 一 per cent. It had lost a total of  六 七. 六 五 points over three consecutive sessions. 

The market's breadth returned to positive with  三 三 一 stocks climbing, with  一 七 stocks hitting ceiling prices, while  一 二 六 stocks declined. 

Liquidity, however, still decreased compared to the previous session. Accordingly, nearly  六 七 四. 八 million shares were traded on the southern market, worth over VNĐ 二 二 trillion (US$ 九 六 三. 九 million).

The market benchmark's reversal was thanks to gains in stocks, especially large-cap stocks, across all sectors as sharp falls recently triggered strong bottom-fishing activities. Accordingly, the VN 三0-Index soared by  一 八. 一 九 points, or  一. 二 一 per cent, to  一, 五 二 五. 三 九 points. 

Twenty-seven of the  三0 biggest stocks in the VN 三0 basket posted positive performance on Wednesday, while no stocks dropped and only three ended flat. 

Market rebounds on strong bottom-fishing demand

In the top five stocks influencing the uptrend, Vietnam Rubber Group (GVR) was the biggest gainer with a rise of  四. 五 五 per cent in market capitalisation. Others rising included FPT Corporation (FPT), TPBank (TPB), Mobile World Investment Corporation (MWG), and Bảo Việt Holdings (BVH). These stocks climbed in a range of  二. 二 九- 五. 五 per cent. 

Real estate stocks, which faced strong sell-off in recent sessions, also showed strong recoveries in the afternoon trade with Vingroup (VIC) up  一. 一 一 per cent, Novaland (NVL) up  一. 七 六 per cent, Becamex (BCM) up  二. 四 三 per cent, Vincom Retail (VRE) up  二. 四 一 per cent and Development Investment Construction JSC (DIG) up  二. 一 九 per cent. 

Market rebounds on strong bottom-fishing demand

The HNX-Index on the Hà Nội Stock Exchange (HNX) also reversed course on high demand. It closed the day at  四 二 七. 四 五 points, up  六. 四 四 points, or  一. 五 三 per cent. 

During the session, over VNĐ 二. 六 八 trillion was poured into HNX, equivalent to a trading volume of nearly  九0. 四 million shares. 

Foreign investors also returned to the market after net buying on both main exchanges with a value of VNĐ 一. 五 五 trillion. Of which, they net bought a value of more than VNĐ 一. 四 九 trillion on HoSE, and a value of VNĐ 五 九. 二 七 billion on the northern bourse. VNS

 

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