Vietnamese shares rebounded on Wednesday thanks to strong investors’ interest in large-cap stocks, and upbeat sentiment on the Nasdaq debut for EV maker Vinfast.

The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.75 per cent to close at 1,243.26 points. It was down 0.23 per cent to close Tuesday at 1,234.05 points.

More than 930.6 million shares were traded on the southern exchange, worth VNĐ20.9 trillion (US$872 million).

Financial-banking and oil stocks were the best-performing among the 20 sectors on the stock market with the banking, brokerage and energy industry indices jumping 0.9 per cent, 0.6 per cent and 0.4 per cent, respectively, data on vietstock.vn showed.

Large-cap stocks also had a good trading day as 16 of the 30 largest shares by market capitalisation advanced in the VN30 Index.

The VN30 Index was up 1.27 per cent to 1,256.95 points with more than 248 million shares exchanged, worth VNĐ8.3 trillion.

The market witnessed a huge upsurge in Vingroup (VIC) shares prices, soaring 7 per cent, after its electric vehicle maker VinFast made an initial public offering (IPO) of shares on the Nasdaq Global Select Market on Tuesday, becoming the first Vietnamese firm to go public globally.

The IPO listing marked a huge step towards realising a dream of leading Vietnamese private economic conglomerate Vingroup, which is the parent company of VinFast, in an effort to elevate the company’s profile in the eyes of foreign investors.

Banking stocks were darlings of the market with gainers including Military Bank (MBB), Sacombank (STB), Techcombank (TCB), Bank for Investment and Development of Việt Nam (BID), Tiên Phong Bank (TPB) and Vietcombank (VCB).

Energy stocks gained ground with gainers such as Việt Nam National Petroleum Group (PLX), Bình Sơn Refining and Petrochemical Company Limited (BSR), PV Power (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).

“It is expected that the market will be supported and recover in the next trading session. In general, the current recovery span is exploratory and testing supply and demand at the resistance zone of 1,240 – 1,245 points. Therefore, investors need to observe and evaluate the support efforts of cash flow in the coming time. They temporarily can hold stocks that are showing good signals from cash flow. However, it is necessary to consider the possibility of recovery to take profits or reduce the proportion in stocks that are experiencing weakness to minimise risks for the portfolio,” Việt Dragon Securities Co said.

The HNX Index on the Hà Nội Stock Exchange (HNX) rose 0.44 per cent to end at 252.56 points.

Viet Nam News