VN-Index climb with foreign investors' strong buying real estate stocks

Monday, Mar 04, 2024 17:29

Headquarters of Kinh Bắc City Group (KBC). KBC experienced a significant surge in demand from foreign investors with a staggering buying value of VNĐ281 billion, leading to a dramatic surge in its price of 7 per cent. — VNS photo

The VN-Index on Monday sustained its upward trajectory in the opening session of the week, buoyed by the support of the blue-chip stocks and a series of real estate shares.

On the Hồ Chí Minh Stock Exchange (HoSE), VN-Index increased 5.09 points, or 0.25 per cent, to 1,261.41 points. 

The breadth of the market was positive today, as 190 stocks declined while 276 ticked up.

Liquidity remained at a high level as the trading value on the southern bourse stayed above VNĐ28.6 trillion (US$1.15 billion), equivalent to a trading volume of over 1.18 billion shares.

On the HoSE, foreign investors demonstrated their bullish stance as they engaged in net buying activities, contributing to a total value of approximately VNĐ102 billion, said

During the buying session, the spotlight was firmly on Kinh Bắc City Group (KBC)'s stock, which experienced a significant surge in demand from foreign investors. With a staggering value of VNĐ281 billion, KBC shares were highly sought after, leading to a dramatic spike in its price and even hitting the daily price limit.

Another notable stock that attracted the attention of foreign investors was Development Investment Construction JSC (DIG), another player in the real estate sector. Foreign investors engaged in net buying activities with a value of VNĐ103 billion.

In addition to real estate stocks, foreign investors also exhibited their interest in other sectors. VNDirect Securities Co (VND), a stock in the financial sector, saw net buying activities from foreign investors with a value of VNĐ77 billion. Mobile World Group (MWG), a leading retail company, witnessed net buying activities amounting to VNĐ76 billion.

The net buying activities by foreign investors across various sectors on HoE highlight their optimistic outlook for the Vietnamese stock market and their confidence in the long-term growth prospects of these specific stocks.

On the contrary, Dragon Capital Vietfund Management (FUEVFVND) faced the strongest selling pressure from foreign investors with a value of VNĐ124 billion. Following suit, Hòa Phát Group (HPG) and the PetroVietnam Drilling & Well Service Corporation (PVD) were the next two stocks to experience significant selling activities, being sold for VNĐ109 billion and VNĐ89 billion, respectively.

The VN30-Index, which tracks the 30 biggest stocks on HoSE, also closed higher at 1,268.53 points, up 0.12 per cent.

It is expected that the market will continue to be supported and have the opportunity to extend the uptrend this week, said Việt Dragon Securities Co. 

"Therefore, investors need to observe supply and demand developments to evaluate the market state. Currently, you should prioritise stocks that are showing good signals from the support zone to hold or buy cumulatively. However, you should also take advantage of the uptrend to take profits on stocks that are moving cautiously in the resistance zone," it said.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also rose 0.4 per cent, to 237.38 points.

During the session, nearly 104.2 million shares were traded on the northern exchange, worth VNĐ2 trillion. — VNS

Comments (0)