Sep 20: VN Index Rebounds on Bargain Buying, Recovery Hopes; To Test 1,214-1,233 Vietnam’s benchmark VN Index bounced back 13.5 points, or 1.12%, to close at the intraday high of 1,218.93 points on Tuesday on bargain hunting following yesterday’s sudden plunge at the end of the afternoon trade, as investors bet on the strong support level of the 1,200-point psychological threshold of the key index, backed by optimistic forecast of local and foreign institutions about Vietnam’s economic growth potential despite external uncertainties, traders said. General trading activities were thin with 473.89 million shares worth VND11.16 trillion ($480.92 million), well below the ten-day average of 586.44 million shares, valued at VND14.42 trillion, and the 20-day average of 597.35 million shares worth VND14.76 trillion. Vietnamese shares recouped part of their losses on Tuesday as bottom fishers combed large-cap stocks in multiple sectors, including banking, finance, consumer goods, energy, and materials, lifting the broad index on expectations that the market’s short-lived pullback has finished and a fresh uptrend would be formed soon, analysts said, noting the upcoming earnings season with possible impressive growth figures compared with the weak performance of many companies the third quarter last year. Researchers with HSBC highlighted Vietnam’s overseas investment attraction in the year to date, saying that the country is one out the top two performers in the ASEAN in terms of foreign direct investment value in recent years, especially in the electronics sector, which is a boosting news for the local industrial real estate sector. FiinGroup, one of the largest financial data service providers in Vietnam, said the latest issuance of Decree 65/2022/ND-CP by the government to address obstacles on the local corporate bond market would help bolster the scale of bond issuances next year, ease the capital demand of firms, and make business activites go back into orbit. Meanwhile, cautious sentiment is still in place and weighed down several commercial real estate, construction, and logistics mid-caps as some sellers cash out and wait for the overall liquidity of the market to climb before making new disbursement. Global investors are also prudent ahead of the U.S. Federal Reserves’ meeting this week amid rising anxiety about an overtightening that raises the odds of a hard landing for the world’s largest economy. Top ten stocks that lifted the key index the most were BID, VIC, CTG, GVR, VHM, GAS, HPG, VCB, MWG, and MBB, while top tickers that bucked the trend were BCM, NVL, VCG, VSH, BHN, KDH, HAH, PAN, VRE, and KPF. Foreigners were net buyers of VND423.74 billion of securities on the main market after they bought VND1.12 trillion of securities and sold VND704.30 billion today. The benchmark VN Index is expected to test 1,214-1,233 points on Wednesday, traders said. VPBank (VPB) was the most active, rising 0.33% to VND30,000 each on the volume of 12.53 million shares. SSI Securities (SSI), the second most active, jumped 4.02% to VND20,700 each, with 14.14 million shares changing hands. Foreigners bought 844,267 shares and sold 75,832 shares. Novaland (NVL), the third most active, dipped 0.47% to VND84,600 each on the trade of 3.22 million shares of which foreigners bought 142,800 shares and sold 11,800 shares. In total, 309 stocks ended up, 120 stocks closed down, and 81 remained unchanged.