Shares extend gains on the back of pillar stocks

Tuesday, Aug 29, 2023 19:05

A worker collecting latex in a rubber plantation. Vietnam Rubber Group (GVR) shares were a bright spot on the market yesterday, rising 2.2 per cent. — VNA/VNS Photo

Shares extended gains on Tuesday, spurred by the growth of market heavy-weights and the oil stock group.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 0.23 per cent, to close at 1,204.43 points.

It had gained 1.55 per cent to close Monday at 1,201.72 points.

Up to 281 stocks on the southern bourse ticked up, while 203 ticker symbols went down.

Liquidity was higher than the last session, with the trading volume and value both up 1.1 per cent, to 990.9 million shares and over VNĐ22 trillion (US$823 million).

The benchmark’s rally was driven by increases in large-cap stocks. The 30 biggest stocks tracker VN30-Index also gained 0.17 per cent, to 1,215.47 points.

In the VN30 basket, 13 stocks climbed and 14 declined, and three ended flat. Most notable gainers included Becamex (BCM), rising 2.7 per cent, The Việt Nam Rubber Group (GVR) up 2.2 per cent, VPBank (VPB), increasing 2.7 per cent, Vietcombank (VCB), climbing 1.6 per cent, and Sabeco (SAB) rising 1.2 per cent.

Energy stocks also attracted cash flow with many gainers such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), and Drilling Mud Joint Stock Corporation (PVC).

“The uptrend helped the VN-Index and maintained the recovery span. The green colour spread to many sectors, but in general, the cash flow was still a certain cautious when the market rallied,” said Việt Dragon Securities Co.

“With these signals, it is likely that the rally will continue in the near future, but the market will have difficulty heading to the resistance area of 1,210 points. Supply may increase and put pressure on this area as the market is still affected by the previous distribution process.”

“Therefore, investors still need to observe supply and demand movements and manage the portfolio properly. In the meantime, consider the recovery spans to take profits and reduce the proportion, giving priority to stocks that have shown distribution and weakening signals to minimize risks for the portfolio.”

The HNX-Index on the Hà Nội Stock Exchange (HNX) also finished higher at 246.48 points, up 0.65 per cent.

Investors poured over VNĐ2 trillion into the northern bourse, equivalent to a trading volume of nearly 104 million shares. — VNS

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