Thursday, July 16 2020

VietNamNews

Shares gain on bargain hunting

Update: June, 17/2020 - 07:12

 

A corner of Vinamilk Tây Ninh dairy farm. Shares of VInamilk rose 4 per cent on Tuesday. VNA/VNS Photo

HÀ NỘI — Shares recovered on Tuesday after suffering sharp drops in the last three trading sessions as investors sought bargains in beaten-down stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) gained 2.84 per cent to end at 856.13 points.

The index plunged 3.6 per cent to end Monday at 832.47 points.

More than 412.4 million shares were traded on the southern bourse, worth nearly VNĐ5.6 trillion (US$242.8 million).

Market breadth on HoSE was positive with 307 gainers and 94 decliners.

The blue-chip share tracker VN30-Index gained 2.58 per cent to 798.82 points.

Twenty-six of the 30 largest stocks by market valuation and trading liquidity increased while three decreased.

Recent sharp falls have triggered investors to scoop up falling stocks, especially large-caps. Gainers on Tuesday included Vinhomes (VHM), soaring 7 per cent, Vingroup (VIC), climbing 4.9 per cent, dairy firm Vinamlik (VNM), gaining 4 per cent, Vietcombank (VCB), up 2.1 per cent, Bank for Investment and Development of Việt Nam (BID), increasing 2 per cent, Vietinbank (CTG), surging 4.3 per cent, Hoà Phát Group (HPG), climbing 3.1 per cent, PetroVietnam Gas JSC (GAS), up 1.4 per cent and Techcombank (TCB), going up 2.5 per cent.

Securities stocks also recorded strong gains such as Saigon Securities Co (SSI), up 5.2 per cent, Saigon-Hanoi Securities Co (SHS), up 5.2 per cent, Hồ Chí Minh Securities Corp (HCM), gaining 4.5 per cent, VNDirect Securities Co, soaring 7 per cent and VietCapital Securities (VCI), rising 3.5 per cent.

On a sector basis, 23 out of 25 sectors on the stock market gained ground while two declined. Among the gainers were banking, insurance, securities, real estate, energy, retail, wholesale, information and technology, agriculture, healthcare, rubber production, food and beverage, seafood processing, logistics and construction.

Those sector indices increased between 1.1 and 4.8 per cent.

On the Hà Nội Stock Exchange, the HNX-Index was up 1.46 per cent to close Tuesday at 115.49 points.

More than 62.5 million shares were traded on the northern bourse, worth nearly VNĐ599.3 billion.

Foreign investors net bought VNĐ55.99 billion on the HOSE. They were net sellers on the HNX with a value of VNĐ5.9 billion.

BIDV Securities Co said investors could open short-term positions or increase portfolio proportion of good fundamental stocks that corrected in the previous session. — VNS

 

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