Market ends week on a positive note
Strong gains in real estate and banking stocks helped lift the market's sentiment, with both benchmarks reversing the bearish course on Thursday and setting another weekly rise.
The stock market rebounded on the last trading day of the week, bolstered by stronger cash flows from both domestic and foreign investors.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index claimed back all losses from the previous session. It ended the week at 1,225.98 points, a gain of 1,503 points, or 1.24 per cent. The index dipped nearly 9.5 points on Thursday trade due to the pressure from profit-taking activities.
The breadth of the market returned to positive territory, as gainers on the southern bourse surpassed losers. Particularly, 238 stocks climbed while only 89 ticked lower.
Liquidity continued to increase, of which, the trading value on HoSE rose nearly 7 per cent to more than VNĐ23 trillion (US$972.1 million). The trading volume remained above 1 billion shares.
The VN30-Index, tracking the 30 stocks on HoSE with the highest market capitalisation and liquidity, also recovered from Thursday's correction to close Friday's session at 1,231.42 points, an increase of 20.62 points, or 1.7 per cent. Twenty-two stocks in the VN30 basket inched higher, with two ticker symbols hitting the maximum daily gain of 7 per cent, while seven declined and one stayed unchanged.
According to Saigon - Hanoi Securities JSC (SHS), in the short term, the market sees a possibility of forming a clear correction zone. Therefore, short-term investors should maintain portfolios at a medium proportion and continue to observe the market movements at support areas before deciding to disburse, as the medium-term trend of the market is still bullish, while medium- and long-term investors should maintain the current portfolios.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also recouped losses set in the previous trade, up 2.64 points, or 1.1 per cent, to 242.41 points.
During the session, over 108 million shares were traded on the northern exchange, worth VNĐ1.83 trillion.
Strong gains in real estate and banking stocks helped lift the market's sentiment, with both benchmarks reversing the bearish course on Thursday and setting another weekly rise.
Data compiled by a financial website vietstock.vn showed that Vingroup (VIC) was the market's leader yesterday after logging the biggest daily increase of 7 per cent. The other two of the trio of stocks in the Vin family, Vinhomes (VHM) and Vincom Retail (VRE), also posted big gains, up 4.83 per cent and 1.06 per cent, respectively.
Also supporting the rallies, Asia Commercial Joint Stock Bank (ACB), VPBank (VPB), Hoà Phát Group (HPG), and Novaland (NVL) all soared at least 1.9 per cent, with NVL hitting the ceiling price.
Meanwhile, foreign investors were net buyers on Friday as they net bought more than VNĐ182.7 billion on both main exchanges. Of which, they bought a net of VNĐ197.31 billion on HoSE and VNĐ3.4 billion on HNX. — VNS
