Shares rebound as blue chips perform well

Vietnamese shares recovered on March 6 as blue chips performed well on bottom-fishing following the previous sharp falls.


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Investors at Bao Viet Securities Company.


The benchmark VN-Index on the HCM Stock Exchange gained 2.45 percent to close at 1,120.29 points, recouping almost all of its loss of 2.47 percent made on March 5.

The minor HNX Index advanced 1.45 percent to end at 127.33 points. The northern market index dropped 2.14 percent on March 5.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) extended growth for a third consecutive day. It rose 0.95 percent to 61.01 points, totalling a three-day increase of 2 percent.

More than 322.4 million shares were traded on the Vietnamese stock market, worth 8.85 trillion VND (393.3 million USD).

Trading liquidity fell 11.4 percent in volume and 23 percent in value compared to the previous session.

On the three stock markets, the market breadth was positive with 353 gaining stocks against 277 declining ones, while 165 other shares ended flat.

Leading stocks in the banking, securities and real estate sectors enjoyed a strong rebound after they tumbled in the previous session due to last-minute selling.

The banking, securities and real estate sector indices jumped between 3.8 percent and 5.1 percent, data on vietstock.vn showed.

Gainers among the large-cap firms in those industries included Vincom Retail (VRE), Vietcombank (VCB), Vietinbank (CTG), Bank for Investment and Development of Viet Nam (BID) and PetroVietnam Gas (GAS) and Saigon Securities Inc (SSI).

VRE, SSI and BID hit their intraday rising band of 6.8-7 percent, while VCB, CTG and GAS jumped at least 4.5 percent.

Other industries that posted good increases in share prices included agriculture, construction material production and building business.

Of those stocks, Hoang Anh Gia Lai Group (HAG) and its agriculture unit HAGL Agrico (HNG) traded at the intraday increasing band of 6.9-7 percent to boost the agriculture industry index up 3.8 percent.

On UPCoM, PetroVietnam Power Corporation (PV Power) started trading 467.8 million shares with code POW at the staring price of 14,900 VND per share. The firm’s shares soared 19.5 percent to close at 17,800 VND per share.

According to Bao Viet Securities Company (BVSC), positive movement of the world stocks and oil prices provided the main push for Vietnamese stocks on March 6.

Global stock markets rebounded after fears about the US-led trade war were temporarily allayed. “A trade war can hardly occur but remains a risk that needs close monitoring in the near future,” BVSC said in its report.

March 6’s gains helped allay investors’ worries after leading stocks were strongly sold in the At-the-Close (ATC) period on March 5, the brokerage firm said.-VNA

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