Shares rebound following a three-day downturn

HDBank (HDB)'s office in Hà Nội. HDB rose 1.2 per cent yesterday. Photo HDB

HÀ NỘI Friday saw a resurgence in the VN-Index following a three-day downturn, primarily attributed to the recovery of several prominent large-cap stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose 0.45 per cent to close at 1,175.67 points.

It had declined 1.05 per cent in the last three sessions.

More than 575 million shares were traded on the southern bourse, worth VNĐ12.9 trillion (US$524 million).

Gaining stocks outnumbered decliners by 253 to 193 on the southern market, while 129 remained unchanged.

The VN-Index experienced a notable rebound on Friday, marking a significant turnaround after three days of consecutive decline, according to vietstock.vn.

This positive shift can be largely attributed to the recovery of a few key large-cap stock groups. The market sentiment took a positive turn as investors regained confidence in the performance of these prominent companies.

The recovery of large-cap stocks played a crucial role in driving the VN-Index upward. These stocks, known for their stable and influential positions in the market, managed to regain their footing and attract investor interest. Their resurgence not only boosted their individual stock prices but also had a ripple effect on the overall market, instilling optimism among traders and investors.

The large-cap VN30-Index was up 0.45 per cent to 1,182.82 points, with 19 of the 30 largest stocks by market value and trading liquidity climbing.

Bank stocks emerged as the driving force behind the market's upward momentum on Friday, orchestrating a notable rebound after a series of declining sessions. Their resurgence injected a renewed sense of confidence and optimism into the market. Gaining bank stocks were Tiên Phong Bank (TPB), Vietcombank (VCB), VPBank (VPB), National Commercial Joint Stock Bank (NVB), Military Bank (MBB), Techcombank (TCB), Bank for Investment and Development of Vietnam (BID), Asia Commercial Bank (ACB), Vietinbank (CTG) and Saigon-Hanoi Bank (SHB).

Oil and gas stocks attracted cash flow and gained ground, such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services (PVD), PetroVietnam Mud Drilling Corporation (PVC) and PetroVietnam Coating JSC (PVB).

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.40 per cent to end at 229.43 points.

More than 59.5 million shares were traded on the northern market, worth VNĐ910 billion.

Information and technology, securities, agriculture, construction, construction materials, stock brokerages, logistics, food and beverage, and retail were among the best-performing sectors in the trading session.