VN-Index breaks over 1,200 points again

Monday, Aug 28, 2023 22:43

Inside a production line of Vinamilk. Shares of the dairy producer surged more than 4 per cent on Monday, leading the market's trend. —VNA/VNS Photo

Shares jumped on Monday with the VN-Index breaching the threshold 1,200 point-level again, while foreign investors also returned to the southern market.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 18.35 points, or 1.55 per cent, to 1,201.72 points. The index fluctuated last week, but still gained by 0.46 per cent.

Up to 260 stocks on the southern bourse ticked up, while 66 ticker symbols went down.

Liquidity was lower than the last session, with the trading volume and value down 1.2 per cent and 2.6 per cent, respectively, to 882.85 million shares and over VNĐ19.8 trillion (US$823 million).

The benchmark’s rally was driven by increases in large-cap stocks. The 30 biggest stocks tracker VN30-Index also soared 19.47 points, or 1.63 per cent, to 1,213.4 points.

In the VN30-basket, 28 stocks climbed with no large-cap ticker symbols posting poor performance, and two ended flat.

In a report to investors, Saigon - Hanoi Securities JSC (SHS) said that in the short-term, the market has an opportunity to recover before finding a new equilibrium area before the resistance level of 1,250 points. Short-term investors can disburse investments if the VN-Index shows signs of increasing again by breaking over the resistance area of 1,200 points with strong momentum.

“In the mid- and long-term, the market has formed an uptrend and the target of VN-Index will be the area of ​​1,300 points,” SHS added.

Data compiled by a financial website showed that Vinamilk (VNM) was the market’s leader today, up more than 4 per cent.

It was followed by Hoà Phát Group (HPG), Vingroup (VIC), Vietcombank (VCB), and FPT Corporation (FPT). All the stocks climbed in a range of 0.93-3.75 per cent.

Other two stocks in the Vin family performed well, of which Vinhomes (VHM) jumped 1.11 per cent and Vincom Retail (VRE) rose 3.66 per cent.

Also supporting the bullish trend, many stocks from other sectors witnessed big gains. For example, PV Gas (GAS) was up 1.78 per cent, Becamex (BCM) increased by 4.36 per cent, Eximbank (EIB) increased 6.25 per cent, and Mobile World Investment Corporation (MWG) up 2.38 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also finished higher at 244.88 points, up nearly 2 points, or 0.98 per cent.

Investors poured over VNĐ2.1 trillion into the northern bourse, equivalent to a trading volume of nearly 120.8 million shares.

The market received support from foreign capital inflow as foreign investors net bought VNĐ135.94 billion in HoSE, while net sold VNĐ11.48 billion on HNX. — VNS

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