Indices recover on bottom-fishing demand

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) inched up 4.15 points, or 0.34 per cent, to 1,214.7 points. It lost 0.69 per cent on Wednesday.

A worker checking a PV Gas' oil facility. The company's shares jumped more than 1.8 per cent on Thursday, supporting the market's uptrend. - Photo tapchicongthuong.vn

The breadth of the market was positive with more stocks gaining points, while liquidity also increased over the previous session. Specifically, matching value on the southern bourse climbed by 35.4 per cent to nearly VND10.2 trillion (US$429.7 million), equivalent to a matching volume of 436 million shares.

The market's reversal was driven by bargain-hunting activities, while global benchmark indices dipped after the US Federal Reserve delivered another rate hike of 75 basis points on Wednesday (local time).

The 30 biggest stocks tracker VN30-Index also posted a gain of 0.74 points, or 0.06 per cent, to end Thursday at 1,228.94 points. In the VN30 basket, 17 stocks went up, while seven declined and six stayed unchanged.

Statistics from financial website vietstock.vn showed that PV Gas (GAS) was the biggest gainer on Thursday, leading the market's bullish trend with a 1.83 per cent increase. It was followed by BIDV (BID), Vietnam Rubber Group (GVR), Vietnam International Commercial Joint Stock Bank (VIB), and SSI Securities Corporation (SSI), up at least 1.15 per cent.

However, the rally trend was capped by persistent selling pressure, with many pillar stocks reporting poor performance. Of which, Vietcombank (VCB) lost the most in terms of market capitalisation, down 1.14 per cent, while Masan Group (MSN) also fell nearly 1.8 per cent.

On the Ha Noi Stock Exchange (HNX), the HNX-Index rebounded from the previous loss, up 0.55 points, or 0.21 per cent, to 265.64 points. During the trading day, more than 61.2 million shares were traded on the northern market, worth over VND1.2 trillion.

On the other hand, foreign investors withdrew from the market as they net sold on both main exchanges. Accordingly, they net sold a value of VND474.86 billion on HoSE and VND7.61 billion on HNX.

Market awaits Fed's rate hike decision The stock market witnessed turbulence in the last few sessions, with the VN-Index down for a third straight week. Analysts said that the market is now focusing on the US Federal Reserve’s monetary policy this week.

Shares nosedive on massive selling Vietnamese shares plunged on Monday as panic selling flooded the market, following the sharp fall of large-cap stocks.