Market ends bullish on strong buying forces

Tuesday, May 24, 2022 17:48

Workers processing seafood at a Vinh Hoan factory. VHC was among stocks lifting indices yesterday. — Photo

The market ended bullish on Tuesday as strong buying forces brought an upswing on blue chips, lifting indices.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index started off the afternoon session with an inverse head and shoulders pattern but later broke the neckline to reach 1,233.38 points, up 14.57 points, or 1.2 per cent.

The market’s breadth was positive with advancers outnumbering decliners by 223 to 211. Notably, three stocks hit floor prices whereas six hit ceiling prices.

The market’s liquidity was low with only 479 million shares traded on the southern bourse, equivalent to VND12 trillion (US$520 million).

The 30 biggest stock tracker VN30-Index rose by 17.36 points, or 1.38 per cent, to end at 1,272.71 points. In the basket, 26 stocks climbed while four slid.

Masan Group (MSN) continued to lead the market rally with a gain of 4.31 per cent. Other major stocks behind the pick-up included Vietcombank (VCB), Vietnam Dairy Products (VNM), VietinBank (CTG), Petro Vietnam Gas (GAS), and VPBank (VPB).

By sector, the bullish market was backed mainly by securities firms, which saw an increase of 3.72 per cent sector-wide. Specifically, VNDirect Securities (VND) climbed by 3 per cent, SSI Securities (SSI) by 6.04 per cent, and Viet Capital (VCI) by 4.11 per cent.

The market was also propped up by seafood stocks with Vinh Hoan Corp. (VHC) gaining 3.87 per cent. It was followed by Nam Viet Corp. (ANV) with an increase of 3.77 per cent.

In the realty sector, the trio stocks of the Vin family – Vingroup (VIC), Vincome (VRE) and Vinhomes (VHM) – saw green on the screen. Other big names including No Va Land (NVL), Investment and Industrial Development (BCM) and Phat Dat Real Estate (PDR) also came out on top.

Banking stocks were riding high with the largest market-cap banks climbing by over 1 per cent each. Notably, Vietcombank (VCB) went up by 1.61 per cent, BIDV (BID) by 1.2 per cent and VPBank (VPB) by 2.39 per cent.

The HNX-Index on the Ha Noi Stock Exchange (HNX) gained 5.3 points, or 1.76 per cent, to reach 305.96 points.

Foreign investors poured money into the market as they net bought a total of VND199.1 billion shares on the two main exchanges. Of which, they net bought VND195.88 on HoSE and VND3.13 billion on HNX. — VNS

Comments (0)