VN-Index gains with plunging trading value
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Vietnam’s benchmark VN-Index rose 0.93 percent to 1,353.77 points Wednesday but with trading value lowest in nine months as investors’ sentiment remain low after recent plunges. The index stayed in the red throughout the day but strong buying pressure in the last hour of trading pushed it up over 12 points.
Together with the Tuesday session, VN-Index has risen nearly 43 points after losing 68 points on Monday in one of the worst trading sessions in Vietnam’s stock market history.
Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell nearly 31 percent to VND14.54 trillion ($633.09 million), lowest since the end of July.
The VN30 basket, comprising the 30 largest capped stocks, saw 14 tickers gained, led by HPG of steelmaker Hoa Phat Group with a 3.2 percent rise.
It was followed by STB of Ho Chi Minh City-based lender Sacombank, up 2.9 percent, and MSN of conglomerate Masan Group, up 2.6 percent.
CTG of state-owned lender VietinBank rose 2.4 percent, and GVR of Vietnam Rubber Group gained 2.1 percent.
Eleven blue chips fell, with VRE of retail real estate arm Vincom Retail falling 1.8 percent.
FPT of IT giant FPT Corporation, VNM of dairy giant Vinamilk and VPB of private lender VPBank all fell 1.2 percent.
Foreign investors were net sellers to the tune of VND261 billion, mainly selling VND of brokerage VNDirect and DXG of real estate developer Dat Xanh Group.
The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 3.45 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.22 percent.
Questions & Answers
Q.Why did the VN-Index rise on Wednesday despite initial low sentiment?
Why did the VN-Index rise on Wednesday despite initial low sentiment?
The VN-Index rose on Wednesday due to strong buying pressure in the last hour of trading. This pushed the index up over 12 points, overcoming the day's earlier performance in the red.
Q.Which specific stocks contributed most to the VN30 basket's gains?
Which specific stocks contributed most to the VN30 basket's gains?
HPG of steelmaker Hoa Phat Group led the gains with a 3.2 percent rise. This was followed by STB of Sacombank, up 2.9 percent, and MSN of Masan Group, which increased by 2.6 percent.
Q.What was the overall trend for foreign investors on Wednesday?
What was the overall trend for foreign investors on Wednesday?
Foreign investors were net sellers, with transactions totalling VND261 billion. They primarily sold shares of VNDirect brokerage and Dat Xanh Group, a real estate developer.
Q.How did trading value on the Ho Chi Minh Stock Exchange compare to previous periods?
How did trading value on the Ho Chi Minh Stock Exchange compare to previous periods?
Trading on HoSE fell nearly 31 percent to VND14.54 trillion, which is approximately $633.09 million. This figure represents the lowest trading value observed since the end of July.
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