Shares jump on growing demand

April 13, 2024 - 03:54
Shares bounced back significantly on both stock exchanges on Friday on growing demand due to increased efforts of bargain hunting by investors.
Investors look at the electronic board showing share prices inside Hồ Chí Minh Stock Exchange. The VN-Index climbed 1.46 per cent yesterday. — VNA/VNS Photo

HÀ NỘI — Shares bounced back significantly on both stock exchanges on Friday on growing demand due to increased bargain hunting by investors.

The VN-Index on the Hồ Chí Minh Stock Exchange gained 1.46 per cent to close at 1,276.6 points.

Liquidity improved strongly with more than 944 million shares worth VNĐ24.1 trillion (US$964 million) exchanged, up 37 per cent in volume and 46 per cent in value compared to Thursday’s levels.

Growing demand was clearly seen in improvements in the rising number of rising stocks (317) and lower declining ones (143). 85 stocks closed flat.

By sectors, 22 out of total 25 stock groups tracked by gained value, 10 of which increased by more than 1 per cent.

The logistics, banking and securities sectors were the biggest gainers with an average growth of respective 3.5 per cent, 2.8 per cent and 1.8 per cent.

Banks took the central stage as eight of the top 10 contributors to the VN-Index were from this sector. This surge followed the information that the State Bank of Vietnam has proposed a 50-per-cent cut in compulsory reserves for banks tasked with taking over weak financial institutions.

Vietinbank (CTG) led the gainers with an increase of 6.5 per cent, followed by Techcombank (TCB) up 5.1 per cent and Military Bank (MBB) up 3.8 per cent. Others included LienVietPostBank (LPB), Asia Commercial Bank (ACB), Vietcombank (VCB), VPBank (VPB) and BIDV (BID) with growth of between 0.8 per cent and 6.8 per cent.

In the logistics sector, Vietjet (VJC), Vietnam Airlines (VNA) and Gemadept (GMD) rose significantly with growth of 5.9 per cent, 6.6 per cent and 3 per cent, respectively.

On the Hà Nội Stock Exchange, the HNX-Index increased by nearly 1 per cent to end the day at 241.34 points.

Liquidity here was almost unchanged with 79 million shares worth nearly VNĐ1.7 trillion being traded.

Foreign traders continued net selling in HCM City’s market with total value of over VNĐ538 billion, focusing on Vinhomes (VHM) with net sell value of VNĐ232 billion, Masan Group (MSN) with VNĐ74 billion and Hoa Sen Group (HSG) with value of VNĐ61 billion. — VNS