Shares manage to gain but growth restrained by some falling blue-chips

Thursday, Nov 09, 2023 03:23

Vinhomes Metropolis, a project by developer Vingroup - Viet Nam’s largest property developer. VIngroup (VIC) rose 5.6 per cent yesterday. — Photo Vingroup

Shares continued their growth on Thursday but were restrained by slumps of many large companies.

On the Hồ Chí Minh Stock Exchange, the VN-Index inched up 0.04 per cent to close Thursday at 1,113.89 points, lower than the growth of more than 3.07 per cent in the previous two sessions.

A total of 1 billion shares worth VNĐ22 trillion (US$903.7 million) were traded in the southern market on Thursday.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, dropped 0.62 per cent to reach 1,122.95 points. In the basket, eight stocks climbed, four stayed flat and 18 slid.

The losers included heavyweight shares, including Masan Group (MSN), FPT Corporation (FPT), Vietjet (VJC), Sabeco (SAB), Vinamilk (VNM) and Hòa Phát Group (HPG).

Banking stocks also suffered strong selling force during the trading session. Those slumping included Techcombank (TCB), Vietcombank (VCB), VPBank (VPB) and Asia Commercial Bank (ACB), HDBank (HDB), Tiên Phong Bank (TPB) and Bank for Investment and Development of Vietnam (BID).

The Vin family trio of stocks - Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) were the supporters of the market helping the VN-Index maintain an uptrend, gaining 5.6 per cent, 4.6 per cent and 2.5 per cent, respectively.

"With recovery inertia remaining, it is likely that the market will continue to increase when entering the next trading session and put the market in an overbought state," said Việt Dragon Securities Co.

"It is expected that the market will have a strong dispute state in the new trading session. Therefore, investors should temporarily not chase stocks that have increased and need to evaluate the supply and demand situation in the near future."

"Currently, investors can take advantage of the market's rising momentum to take profits or restructure their portfolio. Conversely, they can consider short-term buying in some stocks with good accumulation and fundamentals recently."

On the Hà Nội Stock Exchange, the HNX-Index grew 0.53 per cent to end at 228.22 points, also much smaller than the previous expansion of more than 4 per cent.

Nearly 130 million shares were traded on the northern exchange, worth VNĐ2.4 trillion. — VNS

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