Shares end the week on positive note

Saturday, Jun 03, 2023 05:35

People walk by a VIB branch in Ha Noi. VIB gained 7 per cent yesterday. — VNS Photo

The Vietnamese markets ended the week on a positive note, thanks to the injection of cash flow during the trading session, supporting indices.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 1.15 per cent, to close the day at 1,090.84 points.

The breadth of the market was in positive territory, with 245 stocks up while 150 traded lower.

During the session, investors poured over VND18.3 trillion (US$779.3 million) into the southern market, equivalent to a trading volume of more than 1 billion shares.

The 30 biggest stocks tracker VN30-Index also closed higher at 1,086.96 points, up 1.77 per cent. Twenty-three ticker symbols of the VN30 basket climbed, while four went down and three ended flat.

The VN-30 group performed positively and bolstered the market. In the basket, the biggest gainers were banking stocks, with gainers being Military Bank (MBB), Techcombank (TCB), Saigon-Hanoi Commercial JS Bank (SHB), Tien Phong Bank (TPB), Vietcombank (VCB), VietinBank (CTG) and BIDV (BID).

Notably, Viet Nam International Commercial JS Bank (VIB) hit the daily limit gain of 7 per cent.

Oil and gas group also recovered thanks to the buying force, such as PetroVietnam Gas JSC (GAS), PetroVietnam Technical Services Corporation (PVS), The PetroVietnam Drilling & Well Service Corporation (PVD) and Binh Son Refinery and Petrochemical Joint Stock Company (BSR).

“Before the supply pressure at the resistance area of 1,080 points of VN-Index, the market still faced difficulties and retreated during the session. However, the cash flow continued to support when the market retreated to near 1,070 points and tried to absorb supply,” said Viet Dragon Securities Co.

“As a result, the market movement showed signs of slight improvement at the end of the session. Although it has not yet overcome the resistance area of 1,080 points, with the supporting momentum maintained for three consecutive sessions, the market is expected to overcome this resistance area and aim to test the supply at a higher price area in the near future.

“The nearest resistance zone is 1,090 – 1,100 points. Therefore, investors can expect a short-term uptrend of the market. Temporarily, it is possible to hold or exploit short-term opportunities in stocks with good technical signals and attracting cash flow. However, it is necessary to consider taking profits at stocks that have increased rapidly to the resistance zone or are under selling pressure from the resistance zone to realise the results,” it said.

On the Ha Noi Stock Exchange (HNX), the HNX-Index closed the trading day at 226.03 points, up 0.92 per cent. — VNS

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