Business

Stocks rise on bargain-hunting

Local shares recovered on June 16 from a slight fall despite foreign investors ending up as net sellers on the last day of exchange-traded funds (ETFs) portfolio review.
Stocks rise on bargain-hunting ảnh 1Investors watch stock movements at the office of Sai Gon Securities Inc. in Hanoi (Source: VNA) 
Hanoi (VNA) - Local shares recovered on June 16 from a slight fall despiteforeign investors ending up as net sellers on the last day of exchange-tradedfunds (ETFs) portfolio review.

Thebenchmark VN Index on the HCM Stock Exchange inched up 0.09 percent to close at761.24 points. It fell 0.03 percent on June 15.

The HNXIndex on the Hanoi Stock Exchange advanced 0.55 percent to end at 98.31 pointsafter declining by 0.1 percent on June 15.

June 16’ssession also marked a weekly gain for both stock indices with the VN Indexrising 1.5 percent week on week and the HNX Index increasing by 1 percent.

More than279.6 million shares were traded on both local bourses, worth nearly 5.8trillion VND (257.6 million USD) – an increase of 16.5 percent in volume and26.8 percent in value.

Thegrowth of the two local indices was attributed to strong bargain-hunting fromdomestic investors on the day that the two foreign-based funds VanEck VectorsVietnam ETF (VNM ETF) and FTSE Vietnam ETF (FTSE ETF) completed theirsecond-quarter portfolio reviews, reported tinnhanhchungkhoan.vn.

Thereview pressured local stocks as foreign investors posted a net sell value of 207.8billion VND, a reverse from June 15’s foreign net sell value of 268.3 billionVND.

Foreigninvestors’ selling focused on large-cap stocks such as dairy producer Vinamilk(VNM), PetroVietnam Drilling and Well Services (PVD), PetroVietnam TechnicalServices (PVS) and insurance-finance group Bao Viet Holdings (BVH).

FLC FarosConstruction (ROS) hit its daily losing limit of 7 percent for a thirdconsecutive day despite being added into the two ETFs’ portfolios for the nextquarter.  ROS has slumped total 21 percent in the last three sessions.

On theopposite side, foreign investors bought leading stocks in real estate,healthcare, agriculture and brokerage sectors.

Shares of leading companies in those sectors rose,including DHG Pharmaceutical JSC (DHG), Domesco Medical Import-Export (DMC),Vingroup (VIC), Novaland (NVL), Hoang Anh Gia Lai (HAG) and HAGL Agrico.

The VNIndex recorded a second weekly gain and the HNX Index has risen for eight weekswith a slight decline of market trading liquidity as investors were cautious onthe ETFs’ portfolio reviews, according to Saigon-Hanoi Securities (SHS).

In thenext session, market trading will become more positive as investor confidenceturns positive and the VN Index will move up to test the old peak of 763points, SHS said.-VNA
VNA
#Local shares #foreign investors #ETFs #Hanoi Stock Exchange #HNX Index #shares #bargain-hunting #VNM ETF #Vietnam #VietnamPlus #Vietnam News
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