Shares climb on banking, seafood stocks

Wednesday, Aug 30, 2023 16:37

Shrimp processed at Cửu Long Fish JSC (ACL) in Trà Vinh Province's Trà Vinh City. ACL rose 1.4 per cent on Wednesday. — VNA/VNS Photo Vũ Sinh

Việt Nam's stock market extended gains on Wednesday on the back of banking and seafood shares.

The benchmark VN-Index on the Hồ Minh Stock Exchange (HoSE) increased by 0.72 per cent, to 1,213.16 points. Market breadth was positive as 320 stocks climbed while 167 declined.

The VN-Index had increased 0.23 per cent, to close Tuesday at 1,204.43 points.

Nearly VNĐ21 trillion (US$869 million) was poured into the southern bourse, equivalent to a trading volume of 912 million shares.

The VN30-Index, which tracks the 30 biggest stocks in market capitalisation on the southern market, gained 0.83 per cent to close at 1,225.56 points.

Of the VN30 basket, 22 stocks jumped while six slid, and two stayed unchanged.

Banking stocks performed positively and bolstered the increase of the market with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tiên Phong Bank (TPB) and Vietcombank (VCB). They rose between 0.3 per cent and 2.9 per cent.

Many stocks in the seafood industry gained substantially such as Cửu Long Fish (ACL, up 1.4 per cent), Nam Việt (ANV, up 3.9 per cent), Camimex Group (CMX, up 1.9 per cent, Sao Ta Food (FMC, up 1.07 per cent), I.D.I International Investment & Development (IDI, up 3.8 per cent) and Vĩnh Hoàn Corp (VHC, up 2.8 per cent).

“The market's recovery slowed down due to supply pressure from the resistance area of 1,210 points of VN-Index,” said Việt Dragon Securities Co.

“The movement in the session was generally a tug-of-war state that created a hesitant Doji Star candlestick pattern. With the signal of increasing supply, it is likely that the market will have a backward movement in the near future but will temporarily follow the direction of supply and demand with the support area of 1,193 points,” it said.

“Therefore, investors need to observe supply and demand movements and assess the market state. Currently, it is still advisable to consider the recovery spans to take profits and reduce the weight, prioritising stocks that have shown distribution and weakening signals to minimise risks for the portfolio.”

The HNX-Index on the Hà Nội Stock Exchange (HNX) also climbed 0.6 per cent to 247.96 points.

Over 95.3 million shares were traded on the northern market exchange, worth VNĐ1.8 trillion. — VNS

Comments (0)