Shares gain as late cash flow outweighs profit-taking pressure

Friday, Oct 23, 2020 07:05

A Vietinbank office. Shares of Vietinbank (CTG) rose 3.1 per cent on Thursday. — Photo courtesy of Vietinbank

Vietnamese markets gained on Thursday after a late surge on the HoSE overcame earlier declines on investors' short-term profit-taking activities.

The benchmark VN-Index in the Ho Chi Minh Stock Exchange gained 1.16 per cent to close trading at 949.90 points.

It had declined 0.57 per cent to 939.03 points on Wednesday.

After a short accumulation period in the area of 940-945 points, the VN-Index was retesting the support level of 940 points, said BIDV Securities Co.

More than 365.1 million shares were traded on the southern bourse, worth VND7.3 trillion (US$317 million).

Market breadth was positive with 152 decliners and 250 gainers.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 1.35 per cent to close Thursday at 918.30 points.

In the VN-30 basket, 24 stocks gained ground and five decreased while one remained flat.

Profit-taking pressure appeared at the beginning of the trading session and weighed down some large-caps. But at the end of the trading session, cash flow was injected strongly into most sectors, pulling up indices.

On a sector basis, 23 out of 25 sector indices gained ground, including wholesale, insurance, real estate, securities, information and technology, banking, rubber production, food and beverage, retail, healthcare, energy, agriculture, chemicals and plastic production, and construction materials.

On the other side, only two sectors lost ground, namely seafood processing and logistics.

Some notable gainers included Vietinbank (CTG), increasing by 3.1 per cent to VND32,000 per share, Vingroup (VIC), rising 2.9 per cent to VND100,100 per share, Mobile World Group (MWG), rising by 2.6 per cent to VND108,500 per share, FPT Corporation (FPT), climbing by 2.3 per cent to VND54,000 per share, and PetroVietnam Gas JSC (GAS), rising 1.9 per cent to VND73,700 per share.

According to Thanh Cong Securities Co, corrections may appear in the next trading session.

“Markets will witness differentiation between stock prices following their Q3 business results. Therefore, investors need to be cautious at present,” it said.

The minor HNX-Index on the Ha Noi Stock Exchange increased 0.63 per cent to end Thursday at 140.86 points.

More than 44.6 million shares were traded on the northern exchange, worth VND629.4 billion.

Foreign investors net sold VND951.9 billion on HOSE. They were net buyers on the HNX with a value of VND6.07 million. — VNS

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