Shares move higher as cash flow spurs market

Tuesday, Jul 11, 2023 17:18

The Vinhomes Ocean Park in Ha Noi. Residential real estate firm Vinhomes JSC (VHM) rose 1.3 per cent on Tuesday. — Photo

Vietnamese markets ended Tuesday higher as the injection of cash flow supported the market and outweighed the sell-off pressure.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 0.24 per cent, to close the day at 1,151.77 points.

The breadth of the market was in positive territory, with 236 stocks up and 197 trading lower.

During the session, investors poured more than VND19.1 trillion (US$803.4 million) into the southern market, equivalent to a trading volume of 936.9 million shares.

The VN30-Index also closed higher at 1,146.67 points, up 0.31 per cent. Sixteen stocks of the VN30 basket climbed, while 12 went down.

The VN-30 group performed positively and bolstered the market.

In the basket, banking stocks gained slightly, including Military Bank (MBB), Saigon-Hanoi Commercial JS Bank (SHB), Vietcombank (VCB), VietinBank (CTG), Tien Phong Bank (TPB) and Vietinbank (CTG).

However, VPBank (VPB), Techcombank (TCB), and BIDV (BID) were still hit by selling forces, down 0.7 per cent, 0.2 per cent and 0.9 per cent, respectively.

The Vin family trio of Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) - saw differences. VIC lost 0.2 per cent but VHM and VRE gained 0.2 per cent and 1.3 per cent, respectively.

“The market maintained momentum from the previous session and surpassed the resistance zone of 1,140 - 1,145 points of the VN-Index thanks to the low supply pressure in this area,” said Viet Dragon Securities Co.

“However, the bullish candles surpassing the resistance zone are still not really strong. Still, with this signal, it is likely that the market will maintain an uptrend in the near future but the movement will be slow and there will be a state of contention between supply and demand.

Therefore, investors still need to observe market movements to assess the cash flow. Currently, it is possible to hold or exploit short-term opportunities in stocks that are showing good technical signals from the accumulation base. However, for stocks that are still under selling pressure and have not performed well recently, it is still advisable to consider taking profits or reducing the weight to rebalance the portfolio.

On the Ha Noi Stock Exchange (HNX), the HNX-Index closed the trading day at 229.22 points, down 0.37 per cent. — VNS


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