Illustrative image (Photo: VNA) Hanoi (VNA) –Shares bounced back on May 24 as large-cap stocks, especially financial stocks,recovered on investor optimism about market outlook.
The benchmark VN-Index edged up 0.24 percent at 742.74 points on the HCM StockExchange. The southern market index decreased 0.43 percent on May 23.
On the Hanoi Stock Exchange, the HNX-Index rose 1.16 percent to close at 92.97points. The northern market index was down 0.88 percent in the previoussession.
Financial stocks recovered after a short fall on May 23 on strong moneyinflows.
All nine listed lenders were gainers. Military Bank (MBB) hit the maximum riseof 7 percent allowed for a single trading session on the HCM Stock Exchange. Otherbanks increased between 1.2-3.8 percent.
Shares of brokerage firms also advanced with big names such as SaigonSecurities Inc (SSI) and HCM Securities Corp (HCM), FPT Securities (FTS), BIDVSecurities (BSI), Saigon-Hanoi Securities (SHS) and MB Securities (MBS).
The securities and banking industries recorded an average growth of 3.4 percentand 2.7 percent, respectively, data on vietstock.vn showed.
Other large-cap stocks were also bullish, contributing to the positivesentiment in the market. Twenty of the top 30 largest shares by market valueand liquidity on the main bourse in HCM City gained, while 10 slumped.
“When the market index falls below the support threshold of 740 points, smartcash flows return to large-cap stocks and pull the market up,” stock analystsat BIDV Securities Co wrote in a Wednesday’s report.
Money flowing regularly among different stock groups showed investor optimismin the market outlook, they said.
On the negative side, some big stocks declined and weighed on the market,including local biggest brewery Sabeco (SAB), petrol retailer Petrolimex (PLX),insurer Bao Viet Holdings (BVH), real estate giants such as VinGroup (VIC) andFLC Faros Construction (ROS).
Liquidity remained positive, with over 300 million shares worth nearly 5.9trillion VND (roughly 260 million USD) traded on the two exchanges, down 8.3percent in volume but up 9.3 percent in value compared to May 23’s figures.
Trade by foreign investors was mixed in the two markets. There unexpectedlywere net foreign sales in HCM City of nearly 192 billion VND, focused on ROSshares worth a net sell value of 239 billion VND. On the Hanoi exchange,foreigners remained net buyers for a modest net value of 25.4 billion VND.
They weℱre responsible for a total net buy value๊ of 615 billion VND in the twomarkets in the last two trades.-VNA
