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Shares rebound on risk taking

Investors watch the electronic boards at Sacombank Securities Co’s trading floor. — VNA/VNS Photo Hoàng Hải

HÀ NỘI – Shares rebounded yesterday on the two exchanges after a four-day losing run as low stock valuations encouraged risk taking and foreign investors started to buy back local shares after nine consecutive net selling sessions.

On the HCM Stock Exchange, the VN-Index recouped over  一 per cent to close trading at  六 五 六. 一 points. The index lost nearly  三. 七 per cent in the last four sessions.  

On the Hà Nội Stock Exchange, the HNX-Index added 0. 八 per cent to end at  八0. 六 points. It had decreased  一. 七 per cent in the past four trading days.

Market breadth improved with  二 四 九 of the  六 九 一 total stocks advancing while  一 七 四 declined.

“Buying force strengthened on speculation that valuations became attractive after the past decline,” stock analysts at FPT Securities Co wrote.

The recovery of large-cap stocks pulled the market up, as  一 八 of the top  三0 largest shares by market capitalisation and liquidity on the HCM City’s main bourse rose while only eight fell.

The biggest stock, Vinamilk (VNM), increased  二. 八 per cent to VNĐ 一 三 八,000 (US$ 六) following heavy foreign buying.

VNM shares topped the most-purchased list of foreign traders yesterday with net value of nearly VNĐ 四0 四 billion. This is the first time in the last nine trading days that foreign investors bought these shares.

Foreign sectors were responsible for a total net buy value of nearly VNĐ 三 四 七 billion, putting a break on the nine-day net selling streak on the HCM Stock Exchange.

They were also net buyers on the Hà Nội market for a value of VNĐ 六 五 二 million.

Financial and bank shares which fell hard in the past recovered yesterday, including Vietcombank (VCB), Vietinbank (CTG), Military Bank (MBB), Masan Group (MSN), insurer Bảo Việt Holdings (BVH), Saigon Securities Inc (SSI) and HCM City Securities Corp (HCM).

Liquidity increased over the previous session with a total of  一 九 四. 二 million shares worth VNĐ 三. 六 trillion ($ 一 五 八. 六 million) traded in the two markets, up  一 六. 八 per cent in volume and  一 四. 六 per cent in value compared to Tuesday’s levels.

According to Trần Đức Anh, analyst at Bảo Việt Securities Co, the next session will be heavily influenced by the result of the Organisation of Petroleum Exporting Countries (OPEC) meeting late in the evening.

“The outcome of the OPEC meeting will lead to short-term volatility,” Anh said and predicted an agreement could be reached after the meeting but the oil output cut would likely be modest (about  六00,000 barrels per day) which has little practical meaning. – VNS