VN-Index extends rally, inches closer to 1,150 point-level

Monday, Jul 10, 2023 17:11

Products of Masan Group displayed on shelves at a supermarket in Ha Noi. The company's shares soared nearly 4 per cent on Monday, supporting the market's bullish trend. — VNS Photo Mai Huong

The stock market finished higher on Monday, backed by large-cap stocks, while foreign investors continued to withdraw money from both main bourses.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained for the two straight days to approach the strong resistance level of 1,150 point. The index rose nearly 11 points, or 0.96 per cent, to VND1,149.02 points.

The breadth of the market inclined to the positive zone, with 250 stocks advancing while 73 ticker symbols went down. Liquidity also improved, with trading value on the southern exchange up 11.5 per cent over last Friday trade to more than VND18.4 trillion (US$778.3 million).

The benchmark index's rally was driven by strong demand in large-cap stocks. The 30 biggest stocks tracker VN30-Index posted an increase of 13.73 points, or 1.22 per cent, to end Monday at 1,143.16 points.

Twenty-three stocks in the VN30 basket climbed with one hitting the ceiling price, while four inched down and three ended flat.

Data compiled by a financial website showed that BIDV (BID) was today's market leader with a gain of nearly 6 per cent.

It was followed by Masan Group (MSN), Mobile World Investment Corporation (MWG), Vingroup (VIC), PV Gas (GAS), and Vinamilk (VNM). The stocks all increased 1.56-5 per cent.

The risk-on sentiment also spread to other stocks in manufacturing and real estate industries. For example, property developers Novaland (NVL), Development Investment Construction (DIG), Dat Xanh Group (DXG), and Phat Dat Real Estate Development (PDR) soared more than 2 per cent, with PDR logging the maximum intra-day gain of 7 per cent, while steel producers like Nam Kim Group (NKG) and Hoa Sen Group (HSG) jumped 2.17 per cent and 1.45 per cent, respectively.

The market's pillar sectors: banking and securities stocks also performed well. Techcombank (TCB), VPBank (VPB), SSI Securities Corporation (SSI), and Saigon - Hanoi Securities JSC (SHS) climbed at least 1 per cent.

In contrast, some stocks still faced sell-off, with Vietcombank (VCB) being the biggest loser. The banking giant's shares dipped nearly 2.2 per cent after surging nearly 4.3 per cent last Friday.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also opened the new week on a positive note. The northern market's benchmark index ended Monday at 228.37 points, up 2.55 points, or 1.13 per cent.

Investors poured more than VND2.18 trillion into the bourse, equivalent to a trading volume of nearly 134 million shares.

Foreign investors, on the other hand, withdrew from both exchanges. Particularly, they net sold nearly VND350 billion on HoSE and VND22.75 billion on HNX. — VNS

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