Solid buys in blue chips helped forestall further market declines and lifted the VN-Index on Monday to a close of 486.19, a gain of 0.52 percent.
Many blue chips rebounded, including Vietcombank (VCB) up 2.30 per cent, property trader Vincom (VIC) up 3.36 per cent, and dairy producer Vinamilk (VNM) up 1.14 per cent.
However, the southern market saw 43.17 million shares changed hands, representing 28.1 per cent lower than last Friday, for a humble turnover of VND1.37 trillion (US$71.8 million). Saigon Securities Inc (SSI) was the most active with 2.93 million shares, accounting for 7.50 per cent of the total market volume.
A calmed-down trades, after the selling storm late last week, also helped HNX-Index bounce 2.44 per cent to 156.41 while the value of day trade dropped 11.4 per cent from last Friday to VND1.09 trillion ($57.4 million) on a total volume of 37.15 million shares.
Banking and securities stocks contributed significantly to the market rebound, such as Bao Viet Securities with a gain of 5.72 per cent, Kim Long Securities (KLS) up 6.44 per cent or Sai Gon-Ha Noi Bank (SHB) up 3.35 per cent.
Another major, PetroVietnam Construction (PVX), while declining a meagre 0.76 per cent, saw the biggest trading volume of 4.19 million shares.
Nguyen Binh, a member of online Vietstock forum – for securities investors – said investors hadn't underpinned the buying due to the fear of a "bull trap" which had obsessed them since earlier this month.
"We witnessed many one-day rebounds since the beginning of May and then the massive sell-off came," Binh said, noting that this latest rebound would be tested for at least five more days to get a confirmation.
Meanwhile, Eddy Chen, a fund manager at Taiwan's First Financial, said that yesterday's gain was "technical" after the too-much and too-fast slides last week.
Nguyen Anh Dung, an independent securities analyst, pointed to the day trade as a sign that the massive sell-off was over. "However, the improvement will depend on how well the global situation goes."
Dung said the national CPI increase of 0.27 per cent would be a support for market movement in the next few days. "The 480-mark could be resistance this week."
Foreigners continued as a net buyers in HCM City, picking up a net 1.7 million shares in both exchanges with a net value of VND56 billion (about $3 million).
IZ developer Kinh Bac Corporation (KBC) and Vinh Son-Song Hynh Hydropower Plant (VSH) were traded most by this sector in the southern market, while KLS and PetroVietnam Technical Services (PVS) were this sector's favourite in the north.