Business

Stocks rebound on bargain hunting

Shares rebounded on both local markets on July 11, driven by investors picking up stocks that had fallen to attractive price levels.
Stocks rebound on bargain hunting ảnh 1Shares rebounded on both local markets on Tuesday, driven by investors picking up stocks that had fallen to attractive price levels. (Photo: VNA)

Hanoi (VNA) - Shares rebounded onboth local markets on July 11, driven by investors picking up stocks that hadfallen to attractive price levels.

The benchmark VN Index on the HCM StockExchange gained 0.37 percent to close at 769.36 points. It had declined by atotal 2 percent in the previous two sessions.

The HNX Index on the Hanoi Stock Exchangeinched up 0.05 percent to end at 100.42 points, reversing a two-day decline of2.2 percent.

More than 288.3 million shares were traded onboth local bourses, worth 4.95 trillion VND (220.2 million USD), down from July10’s trading figures.

Market trading conditions were more positivethan the previous two sessions with gaining stocks slightly outnumberingdecliners by 233 to 213.

Foreign investors remained net buyers on bothlocal exchanges, purchasing a net value of 66.2 billion VND.

On the VN30 Index, which tracks theperformance of the 30 largest companies by market capitalisation, 13 stocksadvanced.

Those included agriculture firms Hoang AnhGia Lai (HAG) and HAGL Agrico (HNG), property and retail firm Vingroup (VIC),MBBank (MBB) and dairy producer Vinamilk (VNM).

Property, agriculture and food and beveragesectors were also among industries that recorded the highest growth rates on July11 trading after plunging in the previous session.

On the opposite side, brokerage firmscontinued to suffer from profit-taking pressure, driven by Bao Viet Securities(BVS), Viet Capital Securities (VCI) and BIDV Securities (BSI).

BIDV Securities Co (BSC) wrote in its July 11report that the stock market showed signs of recovery after two sessions ofsharp decline.

“Money started to be withdrawn from mid- andsmall-cap stocks and investors switched to focus on blue chips that led thesectors,” BSC said, adding that those large-cap shares had fallen to attractiveprice levels after correcting in the previous two sessions.

Among the large-cap stocks that bounced backon July 11, VIC had fallen a total of 3 percent on July 7 and 10, MBB hadslumped 4.8 percent and VNM had slipped a total of 3.7 percent.

Meanwhile, HAG and HNG had droppedrespectively 4.5 percent and 5.4 percent in the previous four consecutivetrading days.

BSC also said that the VN Index would movebetween 765 and 770 points in coming sessions and could “break the short-termpeak of 770 points if market trading liquidity remains positive.”-VNA
VNA
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