Shares end higher, boosted by large-caps’ gains

Wednesday, Oct 07, 2020 06:49

Headquarters of FLC Group (FLC) in Ha Noi. FLC soared 6.6 per cent on Tuesday. — Photo courtesy of FLC

Vietnamese shares gained for a second consecutive day after a late recovery on Tuesday, bolstered by a series of large-cap stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) was up 0.11 per cent to 915.67 points.

It had gained 0.52 per cent to close at 914.68 points on Monday.

A total of 496 million shares were traded on the southern bourse, worth VND8.2 trillion (US$354.3 million).

Market breadth was positive with 212 gainers and 174 decliners.

Many individual blue-chips gained ground and fueled the market’s uptrend.

Tan Tao Investment Industry Corp (ITA), which owns a lot of real estate in industrial zones, hit the ceiling price as liquidity soared to 32 million shares.

Real estate developer FLC Group (FLC) and its affiliate FLC Faros Construction Joint Stock Company (ROS) also increased strongly, up 6.6 and 5.6 per cent, respectively.

Two giant steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG) rose significantly by 3.3 per cent and nearly 2 per cent, respectively.

The market also got a boost from the banking group, with notable gainers the Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB), Saecombank (STB) and Military Bank (MBB).

The large-cap tracker VN30-Index rose 0.42 per cent to 871.37 points with 14 of the 30 largest stocks by market value and trading liquidity rising.

“The VN-Index is forecast to oscillate between support zone 895-900 points and resistance around 920 points. If the support zone 895-900 points is penetrated, the index may enter a correction and retest lower supports in the short term,” said Bao Viet Securities Co.

“During upcoming weeks, the market will fall under the influence of Q3 business results of listed companies while the market will suffer a wide divergence among stock sectors,” the company said.

Foreigners net sold VND97.54 billion on HOSE. They were net sellers on the HNX with a value of VND2.79 billion.

On the Ha Noi Stock Exchange, the HNX-Index advanced 0.43 per cent to 137.77 points on Tuesday.

The northern market index had gained 1.69 per cent to close at 137.19 points on Monday.

More than 58.8 million shares were traded on the northern exchange, worth VND759.5 trillion. — VNS

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