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Tuesday, 21/06/2022 14:18

Shares recover on bottom-fishing demand

Both benchmark indices inched higher on Tuesday morning, backed by improved risk appetite.

 

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) ended higher in the morning trade but still traded below the 1,200 threshold, gaining 5.85 points, or 0.5 per cent, to 1,186.25 points.

The market's breadth remained in negative territory, while liquidity declined over the previous session. During the morning trade, over VND7.2 trillion (US$311 million) worth of over 336.7 million shares were traded on the southern bourse.

The index's reversal was driven by rising demands for bank and manufacturing stocks after a deep sell-off yesterday.

Bottom-fishing activities also supported many large-cap stocks, with the VN30-Index up 12.21 points to 1,237.77 points.

Of the VN30 basket, 25 stocks increased, while only five slid.

Vinamilk (VNM) led the recovery this morning with a rise of 4.06 per cent. It was followed by Vietcombank (VCB), Vietinbank (CTG) and Masan Group (MSN), all up in a range of 1.32-2.25 per cent.

However, gains were capped by lingering selling pressure. Some pillar stocks posting great losses were Vingroup (VIC), Hoa Phat Group (HPG) and Vietnam International Commercial Joint Stock Bank (VIB). The stocks all fell at least 1.2 per cent.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also edged up on the morning session. The northern bourse's benchmark index added up 0.07 points, or 0.03 per cent, to 267.99 points. 

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