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Shares recover but liquidity stays low

Your browser does not support the audio element. Vietnamese markets rebounded Monday thanks to the recovery of pillar stocks but liquidity remained low on cautious investor sentiment. Headquarters of FPT Corporation (FPT) in Hà Nội. FPT rose  三. 一 per cent. Photo courtesy of FPT

HÀ NỘI — Vietnamese markets rebounded Monday thanks to the recovery of pillar stocks but liquidity remained low on cautious investor sentiment.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index gained 0. 七 八 per cent to end at  一, 一 三 七. 三 六 points.

It had dropped  二. 二 二 per cent last week.

The market's breadth was positive with  三 五 二 gainers and  一 四 五 losers.

Liquidity remained low with  六0 三 million shares traded on the southern bourse, worth nearly VNĐ 一 三. 八 trillion (US$ 五 五 六 million).

The VN 三0-Index, tracking the  三0 biggest stocks on HoSE, increased 0. 九 三 per cent, to end at  一, 一 五0. 三 七 points. Twenty out of  三0 stocks in the VN 三0 basket posted gains, while nine decreased and one stayed flat.

In the VN- 三0 basket, gainers included Bảo Việt Holdings (BVH), FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Hòa Phát Group (HPG) and Việt Nam National Petroleum Group (PLX).

Banking stocks also attracted cash flow with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Co妹妹ercial JS Bank (VIB), Saigon-Hanoi Co妹妹ercial JS Bank (SHB) and Tiên Phong Bank (TPB).

However, some banks still suffered selling force such as Vietcombank (VCB) and Bank for Investment and Development of Việt Nam (BID).

“Despite being cautious during the session, the market continued to be supported at the MA( 二00) area of the VN-Index and gradually recovered. Liquidity increased but remained low, showing that the pressure to sell at low prices was not yet drastic, especially since the strong selling move of foreign investors in the previous sessions did not continue,” said Việt Dragon Securities Co.

“With current support signals, it is likely that the market will continue its technical recovery process in the near future. However, developments may be difficult because cash flow in general has not improved significantly and the resistance pressure from the  一, 一 四0 point area is still present.

“Therefore, investors need to observe and evaluate supply and demand when the market recovers. Temporarily, it is still necessary to consider the market's recovery ability to restructure the portfolio in a way that minimises risks,” it said.

As many as  二 二 out of  二 五 sector indices on the stock market posted gains, including wholesale, real estate, oil and gas, construction, seafood production, and agriculture, securities, insurance, IT, banking, healthcare, rubber production, construction materials and logistics.

On the Hà Nội Stock Exchange (HNX), the HNX-Index gained  一. 三 五 per cent, to end at  二 三 三. 五 五 points.

During the session, investors poured over VNĐ 一. 五 trillion into the market, equivalent to a trading volume of nearly  七 七. 九 million shares. — VNS