Shares rebound on bottom-fishing

Air conditioners built by Refrigeration Electrical Engineering Corporation (REE). REE shares soared 5.5 per cent Thursday. - Photo reecorp.com

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index gained slightly 0.25 per cent, to close Thursday at 1,359.92 points. Market breadth was negative with 219 stocks increasing while 165 declined.

The southern market index had lost 0.79 per cent to close Wednesday at 1,356.52 points.

Market liquidity was also high as domestic investors poured more than VND22.5 trillion (US$968 million) into the southern market, equivalent to a trading volume of nearly 769 million shares.

The VN30-Index dropped 0.25 per cent to 1,461.91 points. In the VN30 basket, 14 stocks rose, 13 slid and three were unchanged.

In the VN-30 basket, Thanh Thanh Cong Bien Hoa JSC (SBT) gained the most, followed by the Refrigeration Electrical Engineering Corporation (REE). Other gainers included FPT Corporation (FPT), Hoa Phat Group (HPG), Masan Group (MSN), Mobile World Group (MWG), Vinhomes (VHM), Vingroup (VIC) and Vinamilk (VNM).

Banking stocks also contributed to the rally of the indices, including Bank for Investment and Development of Vietnam (BID), Sacombank (STB), Vietcombank (VCB), Techcombank (TCB) and Vietinbank (CTG).

“The VN-Index lost points at the beginning of the morning session due to the influence of the world market but bottom-fishing demand appeared and helped the index gradually increase in the afternoon session,” said BIDV Securities Co.

“Investment cash flow increased. Foreign investors were net sellers on the HoSE and net buyers on the HNX. Market breadth turned positive with liquidity not changed much from the previous session.

“According to our assessment, selling pressure may still return in the last session of the current trading week,” it said.

Foreign investors net sold VND115.78 billion on HOSE, including Hoa Phat Group (HPG) with VND160.1 billion, Vietinbank (CTG) with VND156.1 billion and Military Bank (MBB) with VND145.6 billion. They were net buyers on the HNX with a value of VND20.16 billion.

On the Ha Noi Stock Exchange (HNX), the HNX-Index gained 1.09 per cent to close Thursday at 317.07 points.

It had lost 1.46 per cent to close Wednesday at 313.65 points.

During the trading session, nearly 154 million shares were traded on the northern bourse, worth more than VND3.5 trillion.