Shares rise on foreign buying

Friday, Mar 24, 2023 06:41

A corner of Vinamilk (VNM) Tay Ninh dairy farm. VNM rose 1.2 per cent on Thursday. — Photo Vinamilk

Local shares rose for a third day, buoyed by foreign trading and the positive performance of oil and bank stocks.

On the Ho Chi Minh Stock Exchange, the VN-Index rose 0.44 per cent to close Thursday at 1,045.10 points.

Market breadth was negative with 179 rising stocks and 195 losing ones.

Nearly 431 million shares worth VND7.8 trillion (US$332 million) were traded on HCM City’s bourse.

On HOSE, foreign investors were net buyers with a value of approximately VND336 billion.

Vinhomes (VHM) was the strongest net bought with a value of VND89 billion. This is also the third session in a row that this real estate code has been purchased the most by foreign investors on HOSE.

Hoa Phat Group (HPG) ranked next on the list with VND80 billion. Foreign investors also net bought Vinamilk (VNM) and SSI Securities Inc (SSI) with the value of VND68 billion and VND32 billion, respectively.

“VN-Index may face correction pressure when approaching the resistance zone of 1,040-1,045 points. The resistance zone of 1,040-1,050 points will pose a challenge for VN-Index in the last sessions of the week,” said Bao Viet Securities Co.

“With the cautious sentiment of domestic investors and the absence of foreign demand, we note the possibility that the market may face strong profit-taking pressure and correct when it approaches 1,040-1,045 points.

“For T+ trading activities, it is possible to consider selling at the range of 1,040-1,050 points in the last sessions of the week. Investors holding short-term positions should close if prices violate trailing-stop loss thresholds,” it said.

The VN-30 Index, tracking the 30 biggest stocks on HoSE, gained 0.33 per cent to close at 1,046.60 points.

In the VN-30 basket, 17 stocks gained while eight lost ground. The biggest gainers included Vinamilk (VNM), Vietjet (VJC), Novaland (NVL), Hoa Phat Group (HPG), SSI Securities Inc (SSI), PV Power (POW) and Vinhomes (VHM).

Bank stocks pushed up the indices with gainers including 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).

On the Ha Noi Stock Exchange, the HNX-Index lost 0.31 per cent to end at 203.32 points. — VNS

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