Shares rise for fourth consecutive day

Friday, May 22, 2020 07:38

Customers make transactions at a branch of Techcombank in Ha Noi. Shares of Techcombank (TCB) rose 4.5 per cent on Thursday. — Photo courtesy of Techcombank

Vietnamese shares extended their gains for the fourth day in a row on Thursday on the back of a surge in banking stocks during the at-the-closing (ATC) session.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 1.15 per cent to close the trading session at 862.73 points.

The benchmark VN-Index had risen 3.7 per cent in the last four days.

More than 331.9 million shares were traded on the southern exchange, worth VND5.5 trillion (US$236.5 million).

Market breadth was neutral with 176 gainers and 172 decliners.

The large-cap tracker VN30-Index increased 1.52 per cent to close Thursday at 815.55 points.

In the VN30 basket, 24 of the 30 largest stocks by market capitalisation and trading liquidity increased. Two lost ground and four were unchanged.

Stocks in the VN-30 basket that enjoyed growth included conglomerate Vingroup (VIC), real estate developer Vinhomes (VHM) and dairy firm Sabeco (SAB).

A rally in bank shares lifted stock markets on Thursday with gainers including Techcombank, rising 4.5 per cent, Vietcombank, increasing 2 per cent, Vietinbank, up 2.9 per cent, Bank for Investment and Development of Viet Nam, climbing 1.4 per cent and Military Bank, rising 1.7 per cent.

Notably, Vietnam Commercial Joint Stock Export Import Bank and Ho Chi Minh Development Joint Stock Commercial Bank hit the daily gain limit of 7 per cent.

Foreign investors net sold VND66.70 billion on HOSE, including Hoa Phat Group HPG, VND77.73 billion, Dabaco Group (DBC), VND27.94 billion and Vincom Retail (VRE), VND27.30 billion.

They were net sellers on the HNX with a value of VND3.33 billion.

“Despite following an uptrend in the short term, at market close today, the VN-Index has entered resistance 860-880 points, where correction pressure is expected in upcoming sessions,” said Le Hoang Phuong, an expert at Bao Viet Securities Joint Stock Company.

“Cashflow will move toward building material, infrastructure, industrial park real estate, technology, oil and gas, and sectors benefiting from EVFTA like textile and fishery,” Phuong said.

“Stock exposure should be maintained at 35-45 per cent of the portfolio,” she said.

“Investors should continue to hold current positions and hold off on buying new stocks unless the index successfully penetrates through 860-880 points,” Phuong said.

The HNX-Index on the Ha Noi Stock Exchange slumped 1.13 per cent to close Thursday at 105.74 points.

The northern market index had fallen 1.73 per cent to close Wednesday at 106.94 points.

More than 76.4 million shares were traded on the northern bourse, worth VND854.4 billion. — VNS

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