Shares rise thanks to strong buying force

Saturday, Oct 10, 2020 06:46

A production line of brewery firm Sabeco (SAB). SAB rose 2.7 per cent on Friday. — Photo courtesy of Sabeco

Shares ended this week on a positive note as an unexpected buying force surged at the end of Friday trading, pushing up a series of large-cap stocks and this helped the indices to rise above the reference levels.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.56 per cent to 924.00 points.

It had declined 0.1 per cent to close Thursday at 918.84 points.

More than 388 million shares were traded on the southern bourse, worth VND6.6 trillion (US$285.5 million).

Market breadth was neutral with 197 losers and 188 gainers.

According to BIDV Securities Co, the VN-Index may suffer a short-term correction when it approaches the area of 925-930 points if the liquidity continues to weaken in the coming sessions.

Thanh Cong Securities Co said the market’s short-term uptrend might continue but with strong differentiation in many stock groups, demanding investors to carefully watch market movements to achieve the best results.

“It is forecast that next week, the VN-Index may experience choppy trading as pillar stocks will correct after days of strong gains,” said the company.

The large-cap tracker VN30-Index gained 0.54 per cent to 874.53 points with 13 of the 30 largest stocks by market value and trading liquidity going up.

In the VN-30 basket, Masan Group (MSN) soared by 6.6 per cent, brewery firm Sabeco (SAB) rose by 2.7 per cent and Vietinbank (CTG) climbed by 1.8 per cent.

Stocks in the securities industry also gained simultaneously such as VNDirect Securities Co (VND), Viet Capital Securities Joint Stock Company (VCI), Ho Chi Minh City Securities Corporation (HCM) and Saigon Securities Incorporation (SSI).

On a sector basis, 13 out of 25 sectors on the market made gains, such as wholesale, securities, real estate, healthcare, banking, food and beverage, construction and construction materials.

The losers included agriculture, retail, securities, information and technology, mining, rubber production, seafood processing and logistics.

Foreign investors net sold VND35.63 billion on HOSE. They were net buyers on the HNX with a value of VND500 million.

On the Ha Noi Stock Exchange, the HNX-Index was up 0.96 per cent to close Friday at 136.91 points.

The northern market index had lost 0.38 per cent to close Thursday at 135.61 points.

Nearly 106 million shares were traded on the northern exchange, worth VND1.7 trillion. — VNS

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