Illustrative image (Photo: VNA) Hanoi (VNA) – Shares bounced back on May 24 as large-cap stocks, especially financial stocks, recovered on investor optimism about market outlook.
The benchmark VN-Index edged up 0.24 percent at 742.74 points on the HCM Stock Exchange. The southern market index decreased 0.43 percent on May 23.
On the Hanoi Stock Exchange, the HNX-Index rose 1.16 percent to close at 92.97 points. The northern market index was down 0.88 percent in the previous session.
Financial stocks recovered after a short fall on May 23 on strong money inflows.
All nine listed lenders were gainers. Military Bank (MBB) hit the maximum rise of 7 percent allowed for a single trading session on the HCM Stock Exchange. Other banks increased between 1.2-3.8 percent.
Shares of brokerage firms also advanced with big names such as Saigon Securities Inc (SSI) and HCM Securities Corp (HCM), FPT Securities (FTS), BIDV Securities (BSI), Saigon-Hanoi Securities (SHS) and MB Securities (MBS).
The securities and banking industries recorded an average growth of 3.4 percent and 2.7 percent, respectively, data on vietstock.vn showed.
Other large-cap stocks were also bullish, contributing to the positive sentiment in the market. Twenty of the top 30 largest shares by market value and liquidity on the main bourse in HCM City gained, while 10 slumped.
“When the market index falls below the support threshold of 740 points, smart cash flows return to large-cap stocks and pull the market up,” stock analysts at BIDV Securities Co wrote in a Wednesday’s report.
Money flowing regularly among different stock groups showed investor optimism in the market outlook, they said.
On the negative side, some big stocks declined and weighed on the market, including local biggest brewery Sabeco (SAB), petrol retailer Petrolimex (PLX), insurer Bao Viet Holdings (BVH), real estate giants such as VinGroup (VIC) and FLC Faros Construction (ROS).
Liquidity remained positive, with over 300 million shares worth nearly 5.9 trillion VND (roughly 260 million USD) traded on the two exchanges, down 8.3 percent in volume but up 9.3 percent in value compared to May 23’s figures.
Trade by foreign investors was mixed in the two markets. There unexpectedly were net foreign sales in HCM City of nearly 192 billion VND, focused on ROS shares worth a net sell value of 239 billion VND. On the Hanoi exchange, foreigners remained net buyers for a modest net value of 25.4 billion VND.
They were responsible for a total net buy value of 615 billion VND in the two markets in the last two trades.-VNA
