VN-Index rebounds after two-session plunge

By Dat Nguyen   June 9, 2021 | 01:27 am PT
VN-Index rebounds after two-session plunge
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s benchmark VN-Index rebounded Wednesday with a 0.99 percent increase to 1,332.9 points, with blue chip gains led by brokerage SSI and real estate firm Novaland.

The index dipped to around 1,300 points in the first hour of trading but gradually climbed throughout the rest of the day to close on a 13-point gain.

This is a recovery from the 54-point drop in the previous two sessions that sent the index spiraling to its lowest since May 27.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 14.6 percent to VND25.87 trillion ($1.13 billion), the lowest of the past six sessions.

The VN30 basket, comprising the largest 30 capped stocks, accounted for over half of trading value with 18 tickers ending in the green.

SSI of leading brokerage SSI Securities Corporation led with a 6.1 percent gain after three consecutive sessions in the red. The ticker has risen 41 percent this year.

Its chairman Nguyen Duy Hung and family members had recently bought nearly one-third of its newly-issued 7.5 million ESOP shares.

NVL of real estate developer Novaland Group rose 6 percent to a new peak. The ticker has shot up 221 percent this year.

The company plans to pay last year’s dividends by shares with each owner of 100 shares to get 31 more plus another 29 bonus shares.

STB of Ho Chi Minh City-based lender Sacombank gained 3.5 percent and HDB of HDBank rose 3.4 percent. Both had fallen in three previous sessions.

Other gaining lenders include MBB of Military Bank, up 3.4 percent, CTG of state-owned lender VietinBank, up 3.1 percent and TCB of largest private lender Techcombank, up 2.6 percent.

Of the 11 blue chip losers, PLX of fuel distributor Petrolimex and VJC of budget airline Vietjet both led with a 1.6 percent drop, followed by BVH of insurance company Bao Viet Holdings, down 1.1 percent and REE of industrial appliance maker Refrigeration Electrical Engineering Corporation, down 0.9 percent.

Foreign investors were net sellers for the eighth consecutive session to the tune of VND640 billion with strongest pressure on HPG of steelmaker Hoa Phat Group 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 3.42 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.98 percent.

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