Stocks head up, large-caps advance on strong purchasing power

Viet Nam, stock market, recovery, economy, GDP, coronavirus, Viet Nam, stock market, recovery, economy, GDP, coronavirus, Markets,
A trader at An Binh Securities Co. Vietnamese shares rebounded on Tuesday morning as bargain-hunting activity lifted the large-cap sector. — Photo

Local shares bounced back on Tuesday morning after having tumbled the previous trading day on a panicking sell-off.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.78 per cent to close at 835.84 points.

The VN-Index dived 2.65 per cent on Monday as investors panicked on a 10-year record low of GDP growth and surging virus infection cases.

Large-cap stocks led the market’s upturn as the blue-chip tracker VN30-Index rose 0.64 per cent to 779.79 points.

Twenty-five of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket advanced while three declined.

Among gainers were property firms Vinhomes (VHM), Vincom Retail (VRE), and Vingroup (VIC), steel maker Hoa Phat (HPG), brewer Sabeco (SAB) and Bank for Investment and Development of Vietnam (BID).

However, mid-cap and small-cap stocks were swinging. The mid-cap index was down 0.02 per cent while the small-cap index inched up 0.10 per cent.

On the Ha Noi Stock Exchange, the minor HNX-Index increased by 0.13 per cent to end at 110.46 points.

The northern market index dipped 2.76 per cent on Monday.

Nearly 180 million shares were traded on the two exchanges, worth VND2.4 trillion (US$103 million).

The afternoon trading session starts at 1pm. — VNS

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