Market inches higher on steel stocks

Tuesday, Jan 23, 2024 06:58

Hòa Phát's workers upload products for export. Shares of the steel producer jumped 1.8 per cent on Monday, leading the market's trend. — Photo

The stock market rose slightly on Monday, backed by steel stocks, while foreign investors continued to pour capital into the southern bourse. 

In the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index settled higher for the third straight day, up 1.36 points, or 0.12 per cent, to 1,182.86 points. The index gained 2.32 per cent last week. 

Vietcombank Securities Company said that the stock market was in an uptrend and it was very unlikely for major corrections to appear. The VN-Index would continue to move up to 1,190 points in the coming sessions.

Agribank Securities Corporation (Agriseco) also said that the market was trading positively after successfully breaking through the resistance level of 1,170 points. But selling pressure might increase. 

In the upcoming sessions, this index would still closely follow the upward trend, the securities firm added. 

Breadth of the market was neutral as 155 stocks increased while 152 ticker symbols fell. Liquidity on HoSE improved from the previous session, with the trading value up 26.3 per cent to over VNĐ18.7 trillion (US$763.7 million).

The VN30-Index, tracking the 30 biggest stocks on the southern market, also finished higher at 1,189.56 points, up 4.33 points, or 0.37 per cent. Fourteen stocks in the VN30 basket rose while ten went down and six ended flat. 

Data compiled by a financial website showed that Hòa Phát Group (HPG) was the market's leader today with gain of 1.8 per cent. 

Other steel producers also witnessed strong performances; Hoa Sen Group (HSG) soared 2.44 per cent and Nam Kim Group (NKG) jumped 1 per cent. 

The real estate industry also contributed to the bullish sentiment, with Novaland (NLV) up 5.5 per cent, DIC Group (DIG) surged 2.07 per cent, Đất Xanh Group (DXG) rose 1.32 per cent and Phát Đạt Real Estate Development JSC (PDR) climbed 1.45 per cent. 

The HNX-Index on the Hà Nội Stock Exchange (HNX) also finished higher, up 0.29 points, or 0.13 per cent, to 229.77 points. 

During the session, nearly 65.5 million shares were traded on the northern bourse, worth more than VNĐ1.2 trillion. 

Foreign investors extended their net buying trend. In particular, they net bought nearly VNĐ468 billion but net sold VNĐ7.65 billion on HNX. — VNS

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