Shares start week on a positive note

Monday, Feb 06, 2023 17:30

Vinamilk's cattle farm in the southern province of Tay Ninh. VNM rose 1.8 per cent on Monday. — VNA/VNS Photo Le Duc Hoanh

Shares had a good start on Monday thanks to increased demand toward the end of the trading session.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose 1.13 per cent to close the day at 1,089.29 points. The southern bourse’s index decreased 3.6 per cent last week.

Some 527 million shares were traded on the southern bourse, worth VND9.6 trillion (US$408.9 million).

Market breadth was positive with 219 gainers and 181 losers.

The VN-30 Index, tracking the 30 biggest stocks on HoSE, rose 0.80 per cent to close at 1,094.37 points.

In the VN-30 basket, the biggest gainers included Hoa Phat Group (HPG), Bao Viet Holdings (BVH) and Vietjet (VJC).

Masan Group (MSN), HD Bank (HDB), Mobile World Group (MWG), Sacombank (STB), Vinhomes (VHM) and Viet Nam International Commercial JS Bank (VIB) were among the losers.

In the banking group, all stocks moved up with gainers including Military Bank (MBB), Vietcombank (VCB), Saigon-Hanoi Commercial JS Bank (SHB), Tien Phong Bank (TPB), Bank for Investment and Development of Viet Nam (BID), VietinBank (CTG) and Techcombank (TCB).

Energy stocks also performed positively with gainers such as Viet Nam National Petroleum Group (PLX), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).

The market had a chance to continue recovering in the short term, according to Bui Van Huy – Director of HCM City Branch of DSC Securities.

Huy said that next week VN-Index may continue to correct and accumulate around the zone of 1,050-1,070 points. The recovering trend might still continue, if it is in sync with world stocks and the market has a chance to retest the strong resistance area around 1,150.

If there is a "psychological" factor that breaks the 1,050 zone, the 980-1,000 zone is a strong support for investors to consider both short-term and long-term positions.

As for long-term investors, Huy said that the drop at the end of last year was a very good opportunity to accumulate stocks thanks to the lack of liquidity in the market. In 2023, the market may have declines when there is negative information. The zone of 980-1,000 points acted as a strong support in the medium term and if the price returns to this zone, a long-term accumulation should be considered.

On the Ha Noi Stock Exchange, the HNX-Index lost 0.38 per cent to close at 214.47 points.

Trading value on the northern exchange reached VND733 billion, with a trading volume of 50 million shares. VNS

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