Market reverses on bottom fishing demand

August 11, 2023 - 17:23
Both benchmark indices recorded a weekly gain this week.
People shop at a Winmart store, a supermarket chain of Masan Group. The company's shares surged more than 1.8 per cent on Friday, supporting the market's uptrend. — Photo courtesy of Masan Group

HÀ NỘI — The stock market reversed course to finish the week higher, bolstered by bargain-hunting demand after the last two correction sessions.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index climbed 11.6 points, or 0.95 per cent, to end Friday at 1,232.21 points. It had lost more than 21 points in the last two days, but the index still recorded a weekly gain.

While the market's breadth was still in the negative zone as losers outnumbered gainers on the southern bourse of 178 to 145, liquidity slightly improved over the previous trade in both trading volume and value.

Specifically, the trading volume and value on HoSE increased by 0.2 per cent and 5.4 per cent, respectively.

The VN30-Index, tracking the 30 biggest stocks on HoSE, also rose 14.57 points, or 1.19 per cent, to 1,240.77 points. In the VN30 basket, 18 stocks inched higher with one hitting the ceiling price, while nine moved down and three ended flat.

The reversal was driven by the bottom fishing force on some large-cap stocks after the recent falling sessions. The recovery was in line with expectations from analysts.

Saigon - Hanoi Securities JSC (SHS) said that after the last strong correction session, there is a high possibility for the VN-Index to rebound as there is still room for the index to fluctuate before facing the next resistance zone.

Data compiled by a financial website showed that Vingroup (VIC) was the market's leader on Friday, logging the maximum daily gain of 7 per cent. The outstanding performance was thanks to news about the listing of the automaker Vinfast on the Nasdaq as early as next week.

It was followed by three big lenders: Vietcombank (VCB), Sacombank (STB), and Vietinbank (CTG), up from 2.16 per cent to 4.26 per cent.

Also supporting the bullish trend, many other stocks in the manufacturing, banking and retail industries performed well, such as Masan Group (MSN) increased over 1.8 per cent, Hòa Phát Group (HPG) up 1.28 per cent, Mobile World Investment Corporation (MWG) soared 2.5 per cent, Vincom Retail (VRE) jumped by 2.33 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also edged higher to 245.25 points, a gain of 1.34 points, or 0.55 per cent. The index also logged a weekly gain this week.

Investors poured nearly VNĐ1.9 trillion into the northern market, equivalent to a trading volume of more than 117.4 million shares.

On the other hand, foreign capital still run away from the market, as foreign investors kept net selling on HoSE. Particularly, they net sold VNĐ70 billion on the southern exchange, while net bought a small value of nearly VNĐ2 billion on HNX. — VNS