Vietnamese shares rebounded in both local markets on June 28, boosted by investors’ bottom-picking on expectations the market will soon return to an upward trend (Photo: VNA)Hanoi (VNA) – Vietnamese sharesrebounded in both local markets on June 28, boosted by investors’bottom-picking on expectations the market will soon return to an upward trend.
The benchmark VN Index on the HCM Stock Exchangeinched up 0.20 percent to close at 769.04 points.
The HNX Index on the Hanoi Stock Exchange gained0.34 percent to end at 98.35 points.
The VN Index and the HNX Index on June 27 lost0.7 percent each.
More than 261.4 million shares were exchanged onboth local bourses, worth VND4.35 trillion (193.4 million USD).
June 28’s trading figures were lower than theprevious day’s with a decline of 6.1 percent in volume and 7 percent in value.
Large-cap stocks performed well with 17 of the30 largest companies by market capitalisation ended higher.
Increasing large-cap stocks includedPetroVietnam Drilling and Well Services (PVD), lenders BIDV (BID) andVietinbank (CTG), and Hoang Anh Gia Lai Group (HAG).
Those large-cap stocks rose between 0.1 percentand 2.6 percent with PVD recording the highest growth.
PVD on June 27 lost 2.1 percent, CTG dropped 1.2percent, BID lost 1.5 percent and HAG slumped 3.6 percent.
Brokerage firms attributed the market’s recoveryon Wednesday to strong bargain hunting, with investors snapping up stocks thathad declined previously.
Saigon-Hanoi Securities (SHS) said in a notethat the VN Index moved negatively in the first half of trading on June 28 asinvestors continued to offload their portfolios.
The market began to recover from the end ofmorning session and finished in positive territory as investors pecked upstocks from their intra-day bottom, SHS said.
However, June 28’s increase did not signal thestock market had returned to an upward trend and it needed to be tested in thenext few sessions, the Hanoi-based brokerage firm added.
The VN Index is likely to continue movingnarrowly on June 29 in the range of between 765 and 773 points, and needs tomake a strong break from 773 points to fully return to an upward trend, SHSsaid.
Investor sentiment is still positive on thoughtsthat the market is in good conditions, therefore, strong selling that couldpull the market down again is unlikely, Vietnam Investment Securities (IVS)said. - VNA
VNA
