Vietnam’s benchmark VN Index bounced back 0.99 per cent at Tuesday’s break, snapping a six-session decline, supported by buying on improved sentiment as foreigners slowed selling.
PetroVietNam Gas, Vietnam’s top listed firm by market value, rallied 1.56 per cent from its closing low in three-and-a-half months, while BIDV, the second biggest partly-private lender by assets, climbed 2.31 per cent.
“As soon as foreigners stop their net offloading, new money will enter the market,’’ said a Hanoi-based trader with Ho Chi Minh City Securities, who expects more inflows in coming days as overseas investors have reduced selling on Tuesday.
Foreigners were net sellers of Vietnamese equities in the previous five sessions, causing subdued sentiment in the market that dragged the index to an over-sold territory in the past three days and to its lowest close since January 5 on Monday.