Shares rise on the back of financial stocks

Wednesday, Jan 06, 2021 07:08

The cow farm of dairy producer Vinamilk (VNM) at Tu Tra Commune, Don Duong District, Lam Dong Province. Shares of VNM rose 2.3 per cent on Tuesday. — VNA/VNS Photo Pham Kha

Vietnamese shares rose on Tuesday, with financial and banking shares leading the gains and pushing the VN-Index up to more than 1,130 points.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 1.08 per cent to end Monday's session at 1,132.55 points.

More than 763.4 million shares were traded on the southern bourse, worth VND16.2 trillion (US$703 million).

Market breadth was positive with 277 gainers and 166 decliners.

The large-cap tracker VN30-Index was up 1.14 per cent to 1,104.30 points.

Nineteen of the 30 large-cap stocks in the VN30 basket increased while nine declined.

“Although the VN-Index was in down trend for the first few minutes, it quickly rebounded and surpassed 1,130 points,” said BIDV Securities Co.

“Meanwhile, foreign investors returned to be net buyers on the HoSE but still net sold on the HNX. Besides, market breadth was in a positive status and the liquidity was not much different from the previous session.

“According to our assessment, the VN-Index will fluctuate in the 1,130-1,135 area when this is the short term resistance level of the index,” the company said.

Foreign investors net bought VND517.8 billion on HOSE, including Vincom Retail (VRE) with VND167.5 billion, Vinhomes (VHM) with VND79 billion and Military Bank (MBB) with VND73.9 billion. Foreigners were net sellers on the HNX with a value of VND6.76 billion.

A number of blue-chip stocks attracted cash flow such as steelmaker Hoa Phat Group (HPG), Masan Group (MSN), Vingroup (VIC), Vinamilk (VNM), Vietnam National Petroleum Group (PLX), Vincom Retail (VRE), FPT Corporation (FPT), Vinhomes (VHM) and Mobile World Group (MWG).

The banking group also rallied with Vietcombank (VCB), Military Bank (MBB), VPBank (PVB), Sacombank (STB) and Techcombank (TCB) all gaining.

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

They all gained between 0.3 and 3.6 per cent.

On the opposite side, losers were rubber production, insurance, logistics and seafood processing.

On the Ha Noi Stock Exchange, the HNX-Index climbed 0.9 per cent to end Tuesday at 208.13 points.

It had climbed 1.56 per cent to end Monday at 206.28 points.

Nearly 169 million shares were traded on the northern market, worth VND2.4 trillion. — VNS

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