Saturday , September 30 2023

VN-Index inches up after plummeting

Vietnam’s benchmark VN-Index rose 0.27 percent to 1,442.79 points Wednesday, with several blue-chip tickers surging as bottom fishing investors took advantage of undervalued stocks.

The index fluctuated within a narrow band throughout the day and closed nearly four points higher after four sessions in the red.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose marginally to VND22.99 trillion ($1.01 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 18 tickers in the green, led by SSI of leading brokerage SSI Securities Corporation with a 6.9 percent gain.

This was the first gain after four losing sessions in a row for the ticker, having lost 19 percent since its peak on Nov. 30.

POW of electricity producer Petrovietnam Power Corporation rose 4.2 percent after nearly two weeks of decline.

MSN of conglomerate Masan Group gained 3.8 percent and is nearly 17 percent away from returning to its peak at the end of last month.

KDH of real estate firm Khang Dien House rose 2.8 percent, while MWG of electronics retail chain Mobile World gained 2.6 percent.

Ten blue chip tickers fell, with STB of Ho Chi Minh City-based lender Sacombank losing 2.9 percent and BID of state-owned lender BIDV dropping 2.8 percent.

Foreign investors were net sellers with a record high value of VND4.97 trillion, with focus on MSN and HPG of steelmaker Hoa Phat Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 2.83 percent while the UPCoM-Index for the Unlisted Public Companies Market rose 0.34 percent.

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