Shares bounce back on blue chip gains

Investors during a trading session at MB Securities Company (Photo: VNA)

Hanoi (VNS/VNA) - Vietnamese shares recovered on February 2 after dipping for two consecutive sessions, due to strong investor interest in large-cap stocks that led the market upturn on expectations of good earnings reports.

The benchmark VN-Index on the HCM Stock Exchange gained 0.49 percent to close at 1,105.04 points.

It had inched down 0.98 percent in the last two sessions, closing at 1,099.67 points on February 1.

The minor HNX Index on the Hanoi Stock Exchange also inched up 0.67 per cent to end at 123.97 points.

The northern market index dropped 3.33 percent in the last two sessions, ending at 123.15 points on February 1.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) lost 0.59 percent to finish at 58.84 points, retreating from a fall of 0.27 percent in the previous session.

More than 271.1 million shares were traded on the three local exchanges, worth 7.1 trillion VND (315 million USD).

The colour green returned to the market yesterday. Gaining stocks outnumbered declining ones by 327 to 306, while 209 other stocks ended flat.

Large-cap stocks performed well, as 19 of the 30 largest stocks by market capitalisation in the VN30 Index increased, pulling the large-cap index up 0.32 percent to 1,090.40 points.

Among the best gainers in the VN30 basket was Bao Viet Holdings (BVH), up 2.3 percent; Hoa Phat Group Joint Stock Company (HPG), gaining 0.2 percent; Vietnam Dairy Products Joint Stock Company (VNM), moving up 2 percent; as well as Sai Gon Beer-Alcohol-Beverage Corporation (SAB), increasing 0.8 percent.

The blue-chips of banking, aviation and brokerage sectors recovered.
Booming stocks in the banking sector, such as Vietcombank (VCB), Vietnam Prosperity Joint Stock Commercial Bank (VPB) and Military Commercial Joint Stock Bank (MBB), were up 1.2 percent, 3.83 percent and 0.98 percent, respectively.

The brokerage sector was backed by Sai Gon Securities Incorporation (SSI), VNDirect Securities Corporation (VND), Viet Capital Securities Joint Stock Company (VCI), up 1.59 percent, 2.3 percent and 0.23 percent, respectively.

Many large-cap stocks in the Unlisted Public Company Market (UPCoM) increased, including two carriers Airports Corporation of Vietnam (ACV), up 2.3 percent, and Vietnam Airlines JSC (HVN), edging up 1.92 percent.

According to BIDV Securities JSC (BSC), the market will accumulate in the upcoming sessions.

“Investors should limit trading at the floor or ceiling price. Besides, investors should observe the market carefully and wait for capital to return,” BSC said.

Analysts at Bao Viet Securities Co (BVSC) said in the company’s daily report that they believe the index would rise early next week.
However, the price line may still fluctuate in the 1090-1130 threshold next week.

“The upcoming week-long holiday can put short-term profit-taking pressure on some groups of stocks, thereby causing some volatility with alternate corrections in the next sessions,” they said in the report.-VNA