VN-Index rises for third consecutive session on strong bottom-fishing demand

Vietnam’s benchmark VN-Index climbed up for the third consecutive session on Friday thanks to strong bottom-fishing demand, with foreign investors turning net sellers.

Closing the session, the index, which tracks the Ho Chi Minh Stock Exchange's (HoSE) performance, climbed 0.07 points or 0.01% to 969.33, with 268 gainers and 176 losers.

The trading value on the major bourse hit nearly VND13.7 trillion ($552.3 million), an increase of over 20% against the previous session, with more than 960 million shares changing hands.

The VN30-Index, which features 30 largest-cap stocks, went up 0.16 points or 0.02% to 971.20.

HPG of steel giant Hoa Phat made the greatest contribution to the VN-Index’s gain as it saw 99.7 million shares traded during the session, a record number since the firm was listed on the HoSE in November 2007. Its trading value hit VND1.5 trillion ($60.47 million), accounting for nearly 11% of the HCMC bourse's total figure.

Among other large-cap stocks, GVR of Vietnam Rubber Group hit its ceiling price, while VIC of Vingroup, SSI of Saigon Securities, VHM of Vinhomes, KDH of Khang Dien Holding Corporation, and BVH of Bao Viet Group rose 1.5%, 2.8%, 0.1%, 2.6% and 1.9%, respectively.

The real estate and steel groups showed positive performances, with many tickers hitting their ceiling prices like DXG of Dat Xanh Group, DIG of DIG Corp, NLG of Nam Long Group, NKG of Nam Kim Steel JSC, and HSG of Hoa Sen Group.

However, NVL of Novaland Group and PDR of Phat Dat Real Estate Development Corporation continued to hit their floor prices, with 52.7 million and 109 million shares waiting for buyers, respectively.

The green color also covered the securities and banking stocks.

Foreign investors turned net sellers to the tune of nearly VND35 billion ($1.41 million) after nine consecutive sessions of net purchasing. They net bought HPG, KDH, NLG and VHM while net selling DGC of Duc Giang Chemicals Group, VND of VNDirect Securities and CTG of Vietinbank.

HNX-Index on the Hanoi bourse increased by 3.01 points or 1.6% to 190.87, while UpCOM-Index on the unlisted public company market rose 0.61 points or 0.92% to 67.15.