Shares move up after early corrections

Saturday, Jan 09, 2021 06:55

A man withdraws cash at an ATM booth of Sacombank. Sacombank (STB) rallied more than 5 per cent on Friday. — Photo courtesy of Sacombank

Shares shook early during Friday's trading session but the strong cash flow poured into the market still pushed indices up.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.97 per cent to end the trading session at 1,167.69 points.

More than 808 million shares were traded on the southern bourse, worth VND18 trillion (US$782.6 million).

Market breadth was positive with 311 gainers and 137 decliners.

The large-cap tracker VN30-Index was up 1.53 per cent to 1,147.86 points.

Twenty-three of the 30 large-cap stocks in the VN30 basket increased while six declined.

In the VN-30 group, Hoang Huy Investment Financial Services JSC (TCH) led as it reached the ceiling price on Friday.

TCH was followed by Novaland (NVL) with an increase of over 6 per cent. Sacombank (STB) rallied more than 5 per cent, Vincom Retail (VRE) gained more than 4 per cent, Military Bank (MBB) and Thanh Thanh Cong - Bien Hoa Joint Stock Company (SBT) gained more than 2 per cent.

On the other side, Vietcombank (VCB) lost more than 2 per cent, Bank for Investment and Development of Vietnam (BID) dropped 0.8 per cent.

The rubber sector also outperformed with Vietnam Rubber Group - Joint Stock Company (GVR), Danang Rubber Joint Stock Company (DRC) and The Southern Rubber Industry JSC (CSM) all gaining more than 2 per cent. Phuoc Hoa Rubber Joint Stock Company (PHR) and Dong Phu Rubber Joint Stock Company (DPR) advanced more than 1 per cent.

“The VN-Index continued to increase strongly in the session at the end of this week. Market liquidity increased slightly, market amplitude widened and market breadth was positive,” said BIDV Securities Co.

“All these signals are confirming the uptrend of the VN-Index. However, foreign investors were net sellers on both HoSE and HNX.

“The VN-Index is expected to continue its uptrend next week and might suffered from a slight correction before the resistance level of 1,200 points,” the company said.

Twenty-one of 25 sector indices on the stock market gained ground, including wholesale, real estate, IT, insurance, energy, healthcare, construction materials, banking, securities, agriculture, construction, retail, food and beverage, rubber production and logistics.

They all gained between 0.1 and 2.2 per cent.

On the Ha Noi Stock Exchange, the HNX-Index rose 0.54 per cent to close Friday at 217.40 points.

The index had rallied 2.15 per cent to close Thursday at 216.23 points.

More than 168 million shares were traded on the northern market, worth VND2.3 trillion. — VNS

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