Shares rebound after four-day decline

June 21, 2023 - 07:00
Vietnamese shares rebounded yesterday after a four-day decline, led by large-cap stocks on the two local exchanges.
Inside a transaction office of Bảo Việt Holdings (BVH). BVH rose 0.7 per cent yesterday. Photo

HÀ NỘI — Vietnamese shares rebounded yesterday after a four-day decline, led by large-cap stocks on the two local exchanges.

The benchmark VN Index on the HCM Stock Exchange rose 0.57 per cent to close at 1,111.72 points after falling 1.5 per cent in the previous four trading days.

Investors traded more than 695.6 million shares worth VNĐ13.6 trillion ($126.4 million) on the southern bourse.

Market breadth was positive, with 298 gainers and 127 losers.

Banks, insurance companies and energy firms were the major stocks that helped push the market up yesterday.

HDBank (HDB), Vietinbank (CTG), and Joint Stock Commercial Bank for Investment and Development of Việt Nam (BID) were the strongest gainers in the banking sector. These stocks advanced between 0.5 per cent and 2.1 per cent.

In the insurance sector, Bảo Việt Holdings (BVH), BIDV Insurance Corp (BIC) and Việt Nam National Reinsurance Corp (VNR) rose 0.7 per cent, 5.8 per cent and 0.4 per cent, respectively.

Energy stocks, including PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Services Corp (PVS), also rebounded. GAS was up 1.4 per cent, PVD added 1.8 per cent and PVS ended up 0.9 per cent.

Gains were also seen in other mid-cap and small-cap stocks.

Real estate and construction stocks draw capital, including Bình Dương Mineral and Construction JSC (KSB) jumping 3.2 per cent and Dream House Investment Corp (DRH) up 4.6 per cent.

Pharmaceutical companies also advanced, including Gemadept Corp (GMD), Domesco Medical Import Export JSC (DMC) and DHG Pharmaceutical JSC (DHG).

The HNX Index on the Hà Nội Stock Exchange edged up 0.99 per cent to end at 228.77 points.

“Movements during the session were mixed up and down and the liquidity decreased compared to previous sessions. The positive point is that profit-taking pressure has cooled down and there has been no sign of rising pressure on the general market,” said Việt Dragon Securities Co.

“It is expected that the market will need more time to re-test supply and demand around the current level before showing more specific signals.

“Therefore, investors need to slow down and observe supply and demand movements in the near future. At the same time, it is advisable to consider taking profits in stocks that have rocketed recently or are under selling pressure from resistance areas to realise the results,” it said. VNS