Bottom-fishing demand helps VN-Index gain for fifth straight session

Vietnam’s benchmark VN-Index extended its gaining streak to five sessions on Monday thanks to strong bottom-fishing demand.

Closing the session, the index, which represents the Ho Chi Minh Stock Exchange (HoSE), rose 2.65 points, or 0.23%, to 1,132.03, although it plunged over 12 points at a time in the morning.

The major bourse saw 165 gainers and 258 losers, with nearly 1.04 billion shares changing hands for VND20.3 trillion ($862.65 million), an increase of VND2.1 trillion ($89.2 million) from the previous session last Friday.

Blue chips were the main support for the VN-Index expansion as their VN30 index gained 4.46 points to 1,131.23, with up to 18 tickers gaining.

Securities stocks were under correction pressure after a long period of gaining. SSI of Saigon Securities went down 0.77%, VND of VNDirect Securities 1.78%, HCM of Ho Chi Minh City Securities 0.7%, VIX of VIX Securities 5.74%, and FTS of FPT Securities 2.4%.

Notably, APS of Asia Pacific Securities hit its floor price with no buyers right at the opening (ATO) following the information that Hanoi police on Thursday launched a probe into the alleged stock market manipulation at Asia-Pacific Securities JSC, Asia-Pacific Investment JSC (API), and IDJ Vietnam Investment JSC. API and IDJ also suffered the same fate as APS.

Among banking stocks, TCB of Techcombank increased 1.22%, ACB of Asia Commercial Bank 1.6%, OCB of Oriental Commercial Bank 1.08%, while STB of Sacombank fell 2.31% and MSB of Maritime Bank went down 1.54%.

Real estate tickers also saw a divergence. QCG of Quoc Cuong Gia Lai Corp and EVG of Everland Group both fell to their floor prices; VHM of Vinhomes lost 0.89%, VRE of Vincom Retail 0.56%, ITA of Tan Tao Investment and Industry Corporation 1.58%, CTD of Coteccons Construction JSC 1.71%, and CRE of Century Land 2.31%.

Meanwhile, BCM of Becamex IDC increased 0.87 %, NVL of Novaland 2.76%, DIG of DIG Corp 1.32%, VCG of Vietnam Construction and Import-Export 1.64%, and HDG of Ha Do Group 1.42%.

Retail and airline stocks made positive performance, with MWG of Mobile World, PNJ of Phu Nhuan Jewelry, and FRT of FPT Retail gaining 3.38%, 0.79% and 1.77% respectively; VJC of low-cost airline Vietjet 0.11%; and HVN of national flag carrier Vietnam Airlines 1.75%.

Foreign investors were net sellers on the HoSE for the second session to the tune of about VND449 billion ($19.07 million). They mainly net sold VNM of Vinamilk, VRE, VPB of VPBank, VND, and SSI.

The HNX-Index on the Hanoi bourse dropped 0.53 points to 231.01, while the UpCOM-Index on the unlisted public company market inched down 0.11 points to 85.6.