Shares recover on strong buying force

A Vietinbank employee talking to a customer. The bank shares led the market's trend yesterday, hitting the maximum daily gain of 7 per cent. - Photo vietinbank.vn

The market benchmark VN-Index surged 28.16 points, or 2.13 per cent, to end the week at 1,351 points. The market's breadth was positive as 293 stocks increased while 104 edged lower.

However the liquidity was lower than the day before with over 565.7 million shares traded on the southern bourse, worth nearly VND17.9 trillion (US$778.2 million).

The index rebounded on the back of strong buying force across every sector. The VN30-Index, tracking the 30 biggest stocks in market capitalisation on HoSE, climbed 36.43 points, or 2.51 per cent, to 1,487.61 points.

Of which, 26 stocks in the VN30 basket rose while only four declined.

Stocks posted good performance on Friday, led by banking, real estate and materials sectors.

Vietinbank (CTG) rose the most, hitting the biggest daily per cent gain of 7 per cent. It was followed by Techcombank (TCB), Hoa Phat Group (HPG), Vinhomes JSC (VHM) and JSC Bank for Investment and Development of Vietnam (BIDV, BID). Besides Vinhomes (up 1.83 per cent), the other stocks posted gains of more than 2 per cent.

PetroVietnam GAS JSC (GAS), Vietjet Aviation JSC (VJC), FPT Corporation (FPT), Mobile World Investment Corporation (MWG) and many other big stocks also witnessed good results on Friday, up more than 1 per cent.

The benchmark will continue to receive support from the territory of 1,285 - 1,300 points in the near future, said Tran Xuan Bach, senior stock analyst of Bao Viet Securities Company.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also inched higher on Friday, boosted by gains in most stocks. The index climbed 1.72 per cent to 316.69 points with the HNX30-Index gaining 2.67 per cent to close the last trading session of the week at 494.16 points.

During the session, local investors poured nearly VND3 trillion (US$125.7 million) into HNX, equivalent to a trading volume of nearly 127 million shares.

Meanwhile, foreign investors continued to net buy on the market with a value of VND618.86 billion (US$27 million). Of which, they net bought a value of VND610.09 billion (US$26.57 million) on HoSE and a value of VND8.77 billion (US$381,955).