Shares bounce back on bottom purchases

An investor at a branch of Vietcombank (VCB) in Hà Nội. VCB gained 0.8 per cent Tuesday. VNA/VNS Photo 

HÀ NỘI – Vietnamese shares inched higher on Tuesday as investors snapped up beaten-down shares following a bruising selloff in the previous session.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 0.27 per cent to end at 1,230.31 points.

The index had lost 4.44 per cent, to end Monday at 1,227.04 points.

Nearly 560.9 million shares were traded on the southern bourse, equivalent to VNĐ14.5 trillion (US$624.5 million).

Market breadth was negative with 288 losers and 173 gainers.

Banking stocks differentiated with losers including Military Bank (MBB), Techcombank (TCB) and Tiên Phong Bank (TPB).

On the other side, gainers were Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), VietinBank (CTG), Vietnam International Commercial JS Bank (VIB) and Saigon Hanoi Commercial JS Bank (SHB).

Energy stocks recovered from the previous session with gainers such as Việt Nam National Petroleum Group (PLX), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC) and Bình Sơn Refinery (BSR).

The securities and steel stock groups still suffered selling pressure with losers being VNDirect Securities Co (VND), dropping by 4 per cent, Việt Capital Inc (VCI) losing by 4.4 per cent, Hồ Chí Minh City Securities Corporation (HCM), declining by 3.3 per cent. Steel stocks also plunged as SMC Trading Investment JSC (SMC) dropped by 5.4 per cent, Hoa Sen Group (HSG) decreased by 5 per cent, Nam Kim Group (NKG) decreased by 4.3 per cent and Hoà Phát Group (HPG) decreased by 3.5. per cent. Similar movements also happened with retail, textile and seafood stocks.

The 30 biggest stock tracker VN30-Index increased 0.02 per cent, to end at 1,261.16 points.

In the basket, 16 stocks climbed, and 11 slid, the other three were flat.

On a sector basis, 15 out of 25 sector indices on the stock market gained ground, including insurance, retail, oil and gas, banking, wholesale, construction, rubber production, IT and logistics.

Losers, meanwhile, included agriculture, real estate, securities, food and beverage and construction materials.

On the Hà Nội Stock Exchange (HNX), the HNX-Index gained 0.59 per cent, to end Tuesday at 290.08 points.

The northern market index had lost 5.90 per cent, to end Monday at 288.37 points.

Nearly 63.2 million shares were traded on the northern exchange, worth VNĐ1.35 trillion. VNS