Saturday, September 25 2021

VietNamNews

Market rebound led by surging large-caps

Update: July, 14/2021 - 06:46

 

An SSI Securities Corporation office on Ngô Quyền Street in Hà Nội. The company’s stock gained 6.7 per cent on Tuesday. — Photo the courtesy of SSI

HA NOI - Shares rebounded on Tuesday as a surge from large-cap stocks boosted indices but the market was still impacted by strong selling pressure.

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index edged up 0.10 per cent to close at 1,297.54 points.

Market breadth was positive as 112 stocks declined while 265 increased.

Market liquidity was lower than Monday with a trading value of more than VNĐ15.9 trillion (US$690.8 million), equivalent to some 539.6 million shares traded on the southern market.

After a sharp drop on Monday, the Vietnamese market rebounded Tuesday with the support of large-cap stocks.

“The bottom-fishing cash flow has returned to the market but cautious sentiment still prevailed, hindering the growth of the indexes. The market in the morning session continuously struggled around the reference level,” said financial news site cafef.vn.

Banking stocks traded differently with Vietinbank (CTG), Vietcombank (VCB), Vibank (VIB) and Liên Việt Post Bank (LPB) all dropping. Military Bank (MBB), Maritime Bank (MSB), VPBank (VPB) closed at the reference level while Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID), HDBank (HDB) and Techcombank (TCB) recovered at the end of the session.

Securities stocks also performed well such as SSI Securities Corporation (SSI), VNDirect Securities Co (VND) and MB Securities (MBS).

Notably, penny stocks were the darlings of the market with some strong gainers like Trường Thành Furniture Corporation (TTF), Hoàng Quân Consulting-Trading-Service Real Estate Corporation (HQC), and Đông Á Plastic Joint Stock Company (DAG). They all hit the ceiling prices.

“The VN-Index struggled around reference level in the morning and although selling pressure increased in the afternoon session, the demand appeared at the end of the session and helped the index close with a slight gain,” said BIDV Securities Co.

“Investment cash flow increased again although foreign investors were net sellers on both HoSE and HNX.

“In addition, market breadth turned positive with liquidity declining compared to the previous session. According to our assessment, the current demand is still not strong enough to help the index reverse and the market may still see slight drops this week,” it said.

The VN30-Index, tracking the 30 biggest stocks in market value, decreased 0.15 per cent to 1,440.87 points. Nineteen of the VN30 basket rose, while three stocks decreased.

On the Hà Nội Stock Exchange (HNX), the HNX-Index rose 1.27 per cent to close at 296.70 points.

Nearly 100.8 million shares were traded on the northern bourse, worth VNĐ2 trillion. — VNS

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