An investor at Saigon Securities Inc’s trading office in Hanoi. (Photo: VNA) Hanoi (VNS/VNA)- Vietnamese shares posted a strong comeback on February 7 as investors werecalmed by market regulators and bottom-fishing was triggered for worst-hitcompanies during the previous two-day collapse.
The benchmark VN Indexon the HCM Stock Exchange gained 2.86 percent to close at 1,040.55 percent. Ithad plunged 8.4 percent in total in the previous two sessions.
The HNX Index rose 3.45 percentto end at 119.62 points, ending a two-session decline of 6.7 percent.
The UPCOM Index on theUnlisted Public Company Market (UPCoM) jumped 3.30 percent to finish at 56.76points after having dropped a total of 7.6 percent in the previous two days.
More than 313.2 millionshares were traded on the three local exchanges, worth 7.82 trillion VND (347.5million USD).
Financial-banking andpharmaceutical stocks were the best-performing among the 20 sectors on thestockmarket with the banking, brokerage and pharmacy industry indices jumping4.3 percent, 5.5 percent and 5.3 percent, respectively, data on vietstock.vn showed.
Market tradingconditions turned well on February 7, with 534 gaining stocks against 146decliners, while 110 other stocks remained unchanged.
Large-cap stocks alsohad a good trading day as 24 of the 30 largest shares by market capitalisationadvanced in the VN30 Index.
The VN30 Index was up2.30 percent to 1,030.91 points with more than 74.6 million shares beingexchanged, worth 3.64 trillion VND.
The large-cap index waslifted by strong growth of DHG Pharmaceutical JSC (DHG), Bank for Investmentand Development of Vietnam (BID), Saigon Securities Inc (SSI), Vietinbank(CTG), MBBank (MBB) and Vietcombank (VCB).
Apart from VCB rising 4 percent,the five other stocks soared at least 5.6 percent. Of those five stocks, DHGand BID hit their daily increasing limit of 6.8 percent and 6.9 percent.
The strong rebound ofthe stockmarket came after State Securities Commission Chairman Tran Van Dungtold national television VTV on February 6 that investors should remain calmdespite the market tumbling in the first two sessions of the week.
Dung attributed thecollapse of the Vietnamese market to volatile trading around the world and astrong sell-off in stocks following the indices’ recent rally.
He also urged investorsto remain confident about the prospects of the domestic stock market as Vietnam’seconomy is forecast to perform better in 2018, thus making good impacts on thesecurities market.
According to Viet DragonSecurities Company (VDSC), the tumbling market in the first two trading daysthis week brought opportunities to investors to purchase shares atlower-than-expected prices.
“Investors who stillhave cash and have clear valuation on listed companies will definitely havechances to buy," VDSC said in a report.
“The divergence will bestronger as the capital inflow might not be sufficient to flow into all theshares that have gone down, but only into a few shares that have strongfundamental catalysts.”
Among the five stockslisted above, DHG had fallen total 12.5 percent in the previous four days. SSIhad dropped 11 percent in the previous two sessions and the figures for VCB,BID and CTG were between 8 percent and 13.3 percent.-VNA
VNA
