Market rises for second day, VN-Index continues to hit new highs

Thursday, Oct 28, 2021 16:23

Novaland's building in HCM City. The company shares climbed 3.75 per cent yesterday, boosting the market's trend. — Photo

Viet Nam's stock market ticked higher on Thursday as demands for riskier assets remained high, while foreign investors continued to flow back to the market.

The market benchmark VN-Index on the Ho Chi Minh Stocks Exchange (HoSE) rose nearly 15 points, or 1.05 per cent, to 1,438.01 points. The index gained for the second day after breaching the threshold of 1,400 points and at the same time, set a record high since 2000 at 1,423.02 points in the previous session.

Both market breadth and liquidity stayed positive, with the liquidity increasing sharply compared to the last session. Accordingly, the total trading value reached nearly VND31 trillion (US$1.36 billion), up 31.9 per cent. Of which the trading value on HoSE rose 25.4 per cent to VND24.5 trillion.

The index was backed by gains in large-cap stocks, especially in attractive sectors like banking, real estate, energy, and manufacturing.

The 30 biggest stocks tracker VN30-Index jumped 12.8 points, or 0.84 per cent, to 1,529.26 points. In the VN30 basket, 20 stocks climbed, while only seven declined and three ended flat.

Of the top five big stocks influencing the market's uptrend, Vietcombank (VCB) was the biggest gainer in market capitalisation, with an increase of 1.87 per cent. Other pillar stocks included PV Gas (GAS), Masan Group (MSN) and Novaland (NVL), up in a range of 2.71 - 3.75 per cent.

The benchmark was also supported by strong rises in Becamex (BCM), Sabeco (SAB) and VBPank (VPB). These stocks all posted gains of more than 1.7 per cent.

In a daily report to investors, Saigon - Hanoi Securities JSC (SHS) said that if the index passes the resistance zone of 1,420 - 1,425 points in today's session, it is likely to head toward the psychological level of 1,500 points in the short term.

Investors should carefully observe the market at the mentioned resistance zone, and buy new positions in the short-term if the market continues to break records on positive momentum, the securities firm added. It also recommended investors focus on blue-chips.

On the Ha Noi Stock Exchange (HNX), the HNX-Index climbed 6.7 points, or 1.66 per cent, to 411.07 points.

During the session, more than 163.5 million shares were traded on HXN, worth over VND4 trillion.

Meanwhile, foreign investors were still net buyers on the southern market, with a net value of VND621.65 billion. However, they net sold a value of VND23.62 billion on HNX. — VNS

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