Shares recover on increased demand

Wednesday, Mar 22, 2023 04:11

A worker on a latex processing line at a factory of Vietnam Rubber Group (GVR). GVR shares rose 0.7 per cent yesterday. — Photo GVR

Shares bounced back strongly in the afternoon session, driven by increasing demand at the support price levels.

On the Ho Chi Minh Stock Exchange, the VN-Index rose 0.91 per cent to close Tuesday at 1,032.43 points. The index had lost 2.11 per cent on Monday.

Market breadth was positive with 279 rising stocks and 109 losing ones.

Nearly 474.9 million shares worth VND8.3 trillion (US$352 million) were traded on HCM City’s bourse.

The VN-30 Index, tracking the 30 biggest stocks on HoSE, gained 1.03 per cent to close at 1,035.04 points.

In the VN-30 basket, 19 stocks gained while seven lost ground. The biggest gainers included the Vietnam Rubber Group (GVR), Hoa Phat Group (HPG), SSI Securities Inc (SSI), PetroVietnam Gas JSC (GAS), PV Power (POW), Mobile World Group (MWG) and Vinhomes (VHM).

As many as 21 out of 25 industries tracked by gaining value, of which securities companies were the biggest gainers with an average growth of 2.6 per cent.

Other sectors such as insurance, banking, oil, retail and construction material, and plastics manufacturing also gained substantially.

Bank stocks drove the market rise as the top 10 shares lifting the VN-Index most were credit institutions. They included Vietnam Prosperity Bank (VPB), BIDV (BID), Asia Commercial Joint Stock Bank (ACB), Vietcombank (VCB), Techcombank (TCB) and Vietinbank (CTG).

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

“Investors are treading lightly, intensifying the selling pressure before Fed's monetary policy meeting,” said Bao Viet Securities Co.

“There is a high possibility that the index may retreat to 988-1,002 points in the short term. Investors holding short-term positions should close if prices violate trailing-stoploss thresholds,” it said.

Regarding the transactions of foreign investors, they continued to be net buyers on both HSX and HNX. In the coming sessions, the market may struggle around 1,020-1,040, said BIDV Securities Co.

Foreign investors net bought VND113.93 billion on HOSE, including Vinhomes (VHM) with VND54.23 billion, Hoa Phat Group (HPG) with VND36.5 billion, Viet Capital Inc (VCI) with VND32.83 billion. Foreign investors were net buyers on HNX with a value of VND7.2 billion.

On the Ha Noi Stock Exchange, the HNX-Index rose 0.74 per cent to end at 203.11 points. — VNS

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