Market downtrend halted thanks to bottom purchases

May 13, 2020 | 16:24

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Vietnamese shares dropped on Wednesday morning due to strong selling pressure, but the trend was quickly narrowed thanks to bottom purchases.

market downtrend halted thanks to bottom purchases

A series of blue-chips rallied at the end of trading thanks to a bottom fishing cash flow, boosting market to recover.

The benchmark VN-Index on the Ho Chi Minh Stock slid 0.23 per cent to close the morning session at 833.43 points.

The index had gained 0.84 per cent to end Tuesday at 835.32 points.

Nearly 223.8 million shares were traded on the southern exchange for VND3.8 trillion (US$163.1 million).

The market breadth was still positive as gainers outnumbered decliners by 192 to 138.

Ten out of 25 sectors lost ground on Wednesday morning, including retail, information and technology, real estate, healthcare, agriculture, rubber production and logistics.

The sector indices were down between 0.1 per cent and 8.3 per cent, according to vietstock.vn.

Wholesale, insurance, securities, oil and gas, banking, food and beverage, construction, seafood production, and construction materials gained ground, pushing indices up and narrowed the overall down trend.

A series of bluechips, such as insurer Bao Viet Holdings (BVH), steel giant Hoa Phat Group (HPG), Hoa Sen Group (HSG), Vietnam National Petroleum Group (PLX) and many other bank stocks of Military Bank (MBB), Tien Phong Bank (TPB) rallied at the end of trading thanks to a bottom fishing cash flow, boosting the market to recover.

However, pressure from falling large-caps was still large, such as Vinamilk (VNM), Vingroup (VIC), Vietcombank (VCB) and Vingroup (VIC).

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, decreased 0.2 per cent to close at 780.88 points.

On the Ha Noi Stock Exchange, the HNX-Index rallied 0.11 per cent to end Wednesday morning at 111.90 points.

Nearly 37.3 million shares were traded on the northern bourse for VND341 billion.

VNA

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