The VN-Index rebounded 3.19 percent to 1,056.61 points Friday, driven by bottom-fishing cash from both domestic and foreign investors.
Selling momentum from Thursday’s 6.67 percent plunge sank most stocks on the Ho Chi Minh Stock Exchange (HoSE) into the red, but this lasted only for the first 15 minutes of the session, when at-the-open orders were executed.
However, bottom fishing cash began pouring in and the index swung back into the green, with many investors using market orders, which is a buy or sell order to be executed immediately at the current market price, to scoop up stocks.
Foreign investors bought up a net of VND1.1 trillion ($47.74 million) worth of stocks on the HoSE, mostly MWG of electronics retailer Mobile World, and VHM of real estate giant Vinhomes, up 6.9 percent and 7 percent respectively.
The HoSE this session was a sea of green with 375 stocks gaining and 90 losing. A total 29 stocks rose to ceiling, while 17 hit their floor prices. Total trading volume rose slightly to VND17.83 trillion ($774.02 million).
The VN30-Index for the stock market’s 30 largest caps surged 3.72 percent, with 23 stocks gaining and five losing.
Four tickers hit their upper circuit this session, which where FPT of IT services giant FPT, VHM of Vinhomes, VNM of dairy firm Vinamilk, and PNJ of jewelry retailer Phu Nhuan Jewelry, up 6.9 to seven percent each.
VIC of private conglomerate Vingroup, HoSE’s largest cap, also rebounded 6.9 percent, followed by MWG of Mobile World, up 6.8 percent, and NVL of real estate developer Novaland, with 5.8 percent.
Banks were among the more modest gainers on the VN30. Among private banks, STB of Sacombank rose 5.3 percent, HDB of HDBank 2.8 percent, TCB of Techcombank 2.6 percent, VPB of VPBank 1.2 percent, while EIB of Eximbank continued to floor with 6.9 percent.
Among state-owned banks, MBB of mid-sized Military Bank topped gains with 4.9 percent, while Vietnam’s three biggest lenders by assets, BID of BIDV, VCB of Vietcombank and CTG of Vietinbank were up 3.8 percent, 2.6 percent and 0.5 percent respectively.
Meanwhile, the other two losing stocks, SAB of major brewer Sabeco and ROS of construction firm FLC Faros both hit their lower circuits, down 7 percent and 6.9 percent respectively.
Both indices for the Hanoi Stock Exchange, home to mid- and smaller-caps, and the Unlisted Public Companies Market recovered this session, gaining 5.5 percent and 4.28 percent respectively.
Reported by Hung Le, @Vnexpress