Shares recover on the back of banking and energy stocks

Shares bounced back on Thursday on the back of large-caps, banking and energy stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.29 per cent to close at 1,165.43 points.

It had lost 1.33 per cent to close Wednesday at 1,162.01 points.

More than 510.4 million shares were traded on the southern bourse, worth VND13.5 trillion (US$589 million).

Market breadth was neutral with 220 gainers and 214 losers.

"The VN-Index is still in a consolidating span at the 1,160-1,200-point range," said BIDV Securities Co.

"Liquidity declined compared to the previous session, market band was narrowed and market breadth was positive, showing that investor sentiment is stabilising.

"Foreigners continued to be net sellers on the HoSE while they were net buyers on the HNX.

"BSC recommends mid and long-term investors to open positions in some good fundamental stocks in this short-term consolidating span," it said.

Foreign investors net sold VND460.80 billion on HOSE, including dairy firm Vinamilk (VNM) (VND233.40 billion), Vietnam National Petroleum Group (PLX) (VND47.4 billion), and real estate company Khang Dien House (KDH) (VND36.2 billion). They were net buyers on the HNX with the value of VND10.44 billion.

The oil and gas sector index gained 2.4 per cent, becoming one of the best-performing sectors in Viet Nam on Thursday, data on vietstock.vn showed.

Vietnamese oil and gas stocks grew well, including PetroVietnam Gas JSC (GAS), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Power Corp (POW), and PetroVietnam Technical Services (PVS).

Besides the petroleum industry, financial stocks also performed well with the banking and industry indices rising 0.3 per cent and 0.3 per cent, with gainers including Vietcombank (VCB), Military Bank (MBB), HDBank (HDB), Bao Viet Securities Co (BVS), MB Securities Co (MBS), Ho Chi Minh City Securities Corporation (HCM), Saigon-Hanoi Securities Co (SHS) and VNDirect Securities Co (VND).

The large-cap tracker VN30-Index gained 0.23 per cent to stay at 1,169.82 points.

Fourteen of the 30 large-cap stocks in the VN30 basket increased while thirteen lost ground.

On the Ha Noi Stock Exchange, the HNX-Index rallied 3.49 per cent to end Thursday at 246.20 points.

The northern market index had dropped 0.38 per cent to end Wednesday at 237.89 points.

More than 115.4 million shares were traded on the northern market, worth VND1.9 trillion. — VNS