|An investor tracks the securities indices at the Ha Noi Stock Exchange. The stock market yesterday rise after a hard fall on Monday. — VNS PhotoThai Ha
HA NOI (VNS) — Stocks rebounded yesterday afternoon after a hard fall on Monday, lifting both stock indices in the two markets.
On the HCM Stock Exchange, the benchmark VN-Index regained nearly 8 points to close the session at 552.65 points.
Blue chips gave the market momentum as its heavyweight stocks like VinGroup (VIC), Bao Viet Holdings (BVH), FPT Corp (FPT), PV Gas (GAS), Hoa Phat Group (HPG) and banks like Vietinbank (CTG), Vietcombank (VCB) and BIDV (BID) rose substantially.
The VN30, which tracks the top 30 shares by market value and liquidity, gained 1.55 per cent to end the day at 585.43 points.
The market condition was positive with 191 shares climbing, 94 falling and 90 going flat.
Shares that dropped sharply on Monday, like HCM City Infrastructure Investment (CII), Hong Huy Investment Services (HHS), Kinh Bac City Development (KBC) and Dat Xanh Real Estate Service & Construction (DXG), also improved yesterday.
Analysts commenting on the financial website vietstock.vn partly attributed the rebound to the signing of Viet Nam and South Korea's bilateral free trade agreement yesterday, after two years of talks. The deal is expected to lift trade between the two nations to US$70 billion annually by 2020.
According to analysts, the agreement will help promote Vietnamese exports to South Korea, thereby improving revenues for exporting businesses. South Korea is an important market for Viet Nam seafood, textiles, footwear, furniture and agricultural products.
Liquidity improved slightly compared to Monday with the market volume reaching nearly 117 million shares, worth VND1.83 trillion ($84.7 million).
Property developer FLC Group (FLC) was the most active stock with 13.4 million shares traded, and value rising by 4.12 per cent to end at VND10,100 a share.
The rally in HCM City extended to the Ha Noi market. The HNX-Index increased 0.36 per cent to finish the session at 80.23 points.
The market breadth was relatively neutral with 98 stocks rising, 88 declining and another 177 closing unchanged.
Liquidity was down, however, as both market volume and value dropped 30 per cent from Monday's levels to end at nearly 41 million shares worth VND424 billion ($19.6 million).
FLF Joint Venture Global Investment Co (KLF) led trades here with 9 million shares exchanged and climbing 1.23 per cent to end at VND8,200 a share.
In contrast to domestic investors' moves, foreign investors turned heads, offloading shares on the HCM Stock Exchange after many days of being net buyers. They were responsible for a net sell value of nearly VND68 billion ($3.1 million) worth of shares in HCM City yesterday. In the Ha Noi market, however, they remained net buyers, picking up shares worth VND7.2 billion ($333,300) by the end of the session. — VNS