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Wednesday, June 26, 2024

Shares reverse course to close higher

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HCMC – Shares fell in early trade today, April 14, as investors locked in profits following the previous rallies. However, they then rebounded sharply and closed in positive territory.

Having dropped more than seven points in morning trade, the VN-Index of the Hochiminh Stock Exchange ended the day up a slight 1.62 points, or 0.21%, at 767.41. Trade continued shrinking as volume dropped 13% against the previous day at 266.7 million shares and value dipped 5% at around VND4 trillion.

Blue-chip stocks were behind the sharp rebound, with lender VPB hitting its upper limit of VND21,300. FPT, a leading technology group, surged 6.5% at VND49,500 as it had announced stock and cash dividend payments, at a combined ratio of 25%.

Among laggards, construction firm ROS fell 5.9% at VND3,840, although it still led the market by liquidity with nearly 18 million shares changing hands.

Saigon-Hanoi Securities in a report said investors have become cautious with the short-term peak of 770 points as market turnover has been falling over the past days. Further, foreign investors stayed on the selling side despite recent market rallies, net selling over VND270 billion on Monday.

According to the Hochiminh Stock Exchange, foreign investors net sold around VND8 trillion of shares in March.

“Foreign net selling in Vietnam is influenced by the current capital withdrawal trend in emerging markets. Global investors fear that the long-lasting Covid-19 outbreak will send the world economy into recession,” said the report.

On the Hanoi Stock Exchange, the HNX-Index moved sideways, losing a fractional 0.01% compared with the previous day at 107.15.

VCS, an industrial stone processor, was the top gainer as it added 2.5% at VND58,500, followed by securities firm SHS with a 2.2% rise at VND9,200. Meanwhile, insurer PVI lost 0.3% at VND30,700, dragging the northern index down.

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