VN-Index continues climb and is now above 1,280 points
The market continued its positive momentum, with many stocks seeing substantial growth and a modest increase in liquidity, as the VN-Index marked its fourth straight day of solid gains.
The market extended its gains positively, with numerous stocks experiencing significant growth, accompanied by a slight rise in liquidity, while the VN-Index posted its fourth consecutive day of strong gains.
On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index increased by 11.5 points, or 0.9 per cent, to 1,284.05 points.
The market's breadth was positive as the number of gainers surpassed that of losers by 170 to 152. Liquidity on the southern bourse rose by 8.6 per cent to over VNĐ20.6 trillion (US$826.4 million), equivalent to a trading volume of 836 million shares.
The VN30-Index, which tracks the 30 biggest stocks on the HoSE, increased by 12.44 points, or 0.95 per cent, to finish at 1,317.69 points. In the VN30 basket, 23 stocks gained while seven declined.
Data compiled by the financial website vietstock.vn showed that the Bank for Foreign Trade of Việt Nam (VCB) was the biggest gainer on the market and led in terms of capitalisation for a second consecutive day. Shares of the lender rose by over 2.2 per cent, contributing more than 2.7 points to the VN-Index.
It was followed by the Bank for Investment and Development of Việt Nam (BID), which saw its shares increase by 2.95 per cent, the Việt Nam Joint Stock Commercial Bank for Industry and Trade (CTG), up by 3.01 per cent and FPT Corporation (FPT), up by 1.52 per cent.
Limiting the rallies, some stocks still faced slight sell-offs. Notably, Việt Nam National Petroleum Group (PLX) was the biggest loser on Wednesday, with shares of the fuel retailer posting a decline of 1.31 per cent, contributing to a decrease of nearly 0.2 points in the VN-Index.
According to analysts from Việt Dragon Securities, liquidity increased compared to the previous session, indicating that supply-side pressure rose as the market approached resistance levels. However, capital inflows also increased in some stock groups. The resistance level at 1,285 points continues to exert pressure, hindering the market's upward momentum and it is expected that the market will experience strong contention in this zone and may retreat in the next trading session.
However, the market is likely to show significant divergence, with some stock groups maintaining upward momentum.
Investors are advised to take a cautious approach, observing supply and demand dynamics and consider buying opportunities during corrections for stocks with solid support levels. It is also advisable to avoid chasing after stocks that have already risen significantly and to consider appropriate levels for short-term profit-taking.
On the Hà Nội Stock Exchange (HNX), the index also finished higher on Wednesday, rising by 0.47 per cent to 238.42 points.
During the session, more than VNĐ1.4 trillion worth of shares were traded, equivalent to a trading volume of over 62.6 million shares.
In the afternoon session on Wednesday, foreign investors returned to their selling habits, with this bloc recording a net sale of VNĐ217 billion on the southern exchange. — VNS
