Shares extend as money flows into large-caps

Thursday, May 21, 2020 08:05

A view of Vinhomes Ocean Park, a property project developed by Vinhomes JSC (VHM). VHM rose 5.3 per cent on Wednesay. The company's shares were among 17 large-caps that rose on Thursday. — Photo

Vietnamese stocks extended their gains on Wednesday as buying demand focused on individual blue-chips.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.83 per cent to close trading at 852.91 points, after rising 1.06 per cent to close Tuesday at 845.92 points.

Nearly 265.8 million shares were traded on the southern exchange, worth VND4.4 trillion (US$188.5 million).

The large-cap tracker VN30-Index rose 0.5 per cent to close Wednesday at 803.32 points.

In the VN30 basket, 16 of the 30 largest stocks by market capitalisation and trading liquidity increased. Eleven lost ground and three were unchanged.

The market faced correction pressure at the beginning of the trading session but increasing buying demand during the session helped boost indices.

Cash flow was poured in some large-caps such as Vinhomes (VHM), Vincom Retail (VRE), Vinamilk (VNM) (+ 1.2 per cent) and Masan Group (MSN).

Industrial real estate developers also attracted cash, including Phuoc Hoa Rubber JSC (PHR), Vietnam Rubber Group JSC (GVR), and Sai Gon VRG Investment Corporation (SIP).

In the opposite direction, some pillars lost ground, including PetroVietnam Gas JSC (GAS), VPBank (VPB), Techcombank (TCB) and Vietjet (VJC).

The HNX-Index on the Ha Noi Stock Exchange slumped 1.73 per cent to close Wednesday at 106.94 points.

The northern market index had risen 0.26 per cent to close Tuesday at 108.83 points.

Nearly 48.9 million shares were traded on the northern bourse, worth VND467 billion.

Foreign investors net bought VND113.28 billion on the HOSE, including Vinhomes (VHM) (VND95.36 billion), FUEVFVND (VND78.20 billion) and Vinamilk (VNM) (VND52.13 billion).

They were net sellers on the HNX to the tune of VND920 million.

Investors who are holding stocks should continue monitoring the market in the next sessions and may seek profit when the VN-Index approaches the resistance zone of around 880 points, said Sai Gon-Ha Noi Securities Co (SHS).

On the other hand, investors holding cash can buy in if the market corrects and drops to the nearest support level of around 840 points, SHS said in its daily report. — VNS

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