Foreign investors push markets into green zone

The overseas support kicked in at 10:00 am, with more than 16 million units being snapped up. As many as 11 million Hoang Anh Gia Lai (HAG) shares were bought, while Sacombank (STB) and Ho Chi Minh City Infrastructure Investment (CII) both saw millions of units matched.

Blue-chips Bao Viet Holdings (BVH), PetroVietnam Fertilizers (DPM), Ocean Group (OGC) were strongly purchased on Ho Chi Minh Stock Exchange (HoSE) as well.

The exciting sentiment expanded to other stocks on both the two bourses, lifting HoSE’s VN-Index up as much as 7 points. Blue-chips Masan Group (MSN), FPT Corp. (FPT) also immediately jumped, while banking stocks like Military Bank (MBB) started to advance soon afterwards.

The rally lasted until the end of the session. Green was the main colour on the trading board, with 224 stocks ending higher on HoSE. Just 36 stocks declined and 51 ended flat.

At the same time, selling pressure significantly reduced on the Hanoi Stock Exchange (HNX). VNDirect (VND) was among top advancers leading up the other stocks. Cash strongly flew in the northern bourse. Highly-liquid stocks massively hit the ceiling or nearly hit the ceiling.

Some 233 stocks gained on the HNX, while just 52 stocks were off. Some 110 stocks were unchanged.

The VN-Index closed at 441.85 points, up 7.99 points or 1.84 per cent against previous session. HNX-Index meanwhile advanced 2.91 points or 4.2 per cent to close at 72.19 points.

The strong support from foreigners surprised local investors, who were had expected the market’s correction face to continue.

Liquidity soared back to high levels. HoSE saw 105.7 million shares worth VND1.67 trillion ($80.7 million) change hands. As many as 125.9 million shares worth VND1.48 trillion ($71.5 million) were traded on the HNX.