Shares rise for two consecutive sessions

Wednesday, Jul 05, 2023 07:06

A customer buys petrol at a station of Viet Nam National Petroleum Group (PLX) in Ha Noi. PLX gained 5.8 per cent on Tuesday. — VNA/VNS Photo Tran Viet

Shares gained for two straight sessions on Tuesday thanks to the growth of pillar stocks.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 0.58 per cent to close at 1,132.00 points.

The market’s breath was in the positive zone, with gainers outnumbering losers 283 to 120.

More than 701 million shares were traded on the southern exchange, worth 14.6 billion (US$615,800).

The VN30-Index, which tracks the 30 biggest stocks on the HoSE, also finished higher, up 0.95 per cent, to end at 1,128.00 points.

In the VN30 basket, 19 stocks inched up, while six went down and five stayed flat.

In line with the market’s bullish trend, Viet Nam National Petroleum Group (PLX) posted a gain of nearly 5.8 per cent. It was followed by PetroVietnam Gas JSC (GAS), Bao Viet Holdings (BVH), Novaland (NVL) and Phat Dat Real Estate (PDR). All the stocks were up in a range of 1.2 to 2.1 per cent.

Stocks in the appealing real estate industry performed well, also supporting the rally. Novaland (NVL) soared by 2.1 per cent, Kinh Bac City Development Holding Corporation (KBC) by 3.45 per cent, and DIC Group (DIG) climbed by 2.9 per cent.

However, selling force remained, weighing on many pillar stocks such as Asia Commercial Bank (ACB), Becamex (BCM), Bank for Investment and Development of Vietnam (BID), Sabeco (SAB), Vietjet (VJC) and Vinamilk (VNM).

“Liquidity continued to decrease significantly with a Doji star candlestick pattern, showing the caution and indecision of both supply and demand. Currently, the low-priced supply has not put much pressure on the market. It is expected that the market will continue to be supported near 1,120 points of the VN-Index and aim to retest the resistance zone of 1,130 - 1,135 points.

“Therefore, investors need to observe supply and demand movements to re-evaluate the state of the market. In the meantime, it is necessary to consider the possibility of a recovery to take profits or reduce the proportion of stocks that are under selling pressure from the resistance area to minimise risks for the portfolio,” said Viet Dragon Securities Co.

On the Ha Noi Stock Exchange (HNX), the HNX-Index finished higher at 228.76 points. It gained 0.95 per cent.

During the sessions, investors poured nearly VND1.6 trillion into the northern exchange, equal to a trading volume of more than 108.3 million shares. — VNS

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