VN-Index extends gains thanks to food and beverage stocks

Wednesday, Jun 05, 2024 20:44

Sabeco's bottled beer production line. The brewer's shares hit a new ceiling on Wednesday and led the entire market. — Photo courtesy of Sabeco

Vietnamese markets extended gains and ended higher on Wednesday, thanks largely to rises in food and beverage shares.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 0.83 points, or 0.06 per cent to close the trading session at 1,284.35 points.

During most of the day, VN-Index traded above the reference level. Even though the afternoon session recorded strong selling pressure, VN-Index still ended the session higher on Wednesday, a third consecutive day of rises.

More stocks moved down on the southern bourse, with 173 ticker symbols finishing lower, while 144 stocks inched higher.

More than 925 million shares were traded on the southern exchange, worth VNĐ24 trillion (US$940 million).

The 30 biggest stocks tracker, VN30-Index, decreased 1.33 points, or 0.1 per cent, to 1,299.66 points. Fourteen stocks of the VN30 basket inched down, while thirteen climbed and three ended flat.

Data compiled by financial news site showed that cash was moving into food and beverage stocks.

The food and beverage sector experienced significant gains, with several companies in the industry witnessing increased investor interest and robust trading activity. The biggest gainer was the brewery company Sabeco (SAB). The SAB symbol hit the ceiling on Wednesday, up 6.84 per cent, contributing more than 1.4 points to the VN-Index.

It was followed by Vinamilk (VNM), the dairy producer which also had a good performance on Wednesday, up 3.79 per cent, contributing more than 1.3 points to the VN-Index.

The real estate sector also showed positive signs, with Investment And Industrial Development Corporation (BCM) up 2.09 per cent and Vincom Retail Joint Stock Company (VRE) up 1.81 per cent.

Some sectors posted losses and put strong pressure on the overall market. Banking stocks dropped, with losers being the Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), the Military Commercial Joint Stock Bank (MBB) and the Vietnam Prosperity Joint Stock Commercial Bank (VPB).

On the Hà Nội Stock Exchange, the HNX-Index ended higher at 244.49 points, up 0.07 per cent. During the session, over 92 million shares were traded on the northern bourse, worth over VNĐ1.8 trillion.

Foreign investors were net buyers on the southern bourse, with a net purchase value of VNĐ39.56 billion, while they were net sellers on the HNX, with a net sale value of more than VNĐ11 billion. — VNS

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