Monday , January 30 2023

VN-Index surges from 8-month bottom


Vietnam’s benchmark VN-Index surged 2.32 percent to 1,341.34 points, bouncing back from an eight-month low, as investors picked up declining blue chips.

The index started off in the red and lost 25 points in in the first hour of trading but strong buying pressure in the afternoon pushed it up over 30 points.

VN-Index lost 68 points Monday in one of the worst sessions in Vietnam’s stock market history with one-third of tickers on the Ho Chi Minh Stock Exchange (HoSE) hitting floor prices.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, declined marginally to VND21 trillion ($914 million) Tuesday.

The VN30 basket, comprising the 30 largest capped stocks, saw 27 tickers in the red, with VRE of retail real estate arm Vincom Retail hitting the ceiling with a 6.9 percent rise.

It was followed by SAB of brewer Sabeco with a 6.7 percent gain and VPB of private lender VPBank, up 6.3 percent.

Other gainers included BVH of insurance company Bao Viet Holdings, up 5.6 percent, and MBB of lender MB, up 4.4 percent.

Two blue chips fell, with VCB of state-owned lender Vietcombank losing 1.6 percent and VJC of budget airline Vietjet falling 1.5 percent.

Foreign investors were net buyers for the eight session to the tune of VND1.04 trillion, mainly buying VNM of dairy giant Vinamilk and DGC of Duc Giang Chemicals Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 2.27 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 1.62 percent.

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