Viet Nam’s stock market closed higher on Thursday, boosted by gains of many large-cap stocks across all sectors. However, the market liquidity continued to drop.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rebounded and inched closer to 1,300 points after falling slightly on Wednesday afternoon. Accordingly, the index soared 22.88 points, or 1.8 per cent, to 1,293.67 points.
The market’s breadth was positive with 308 stocks increasing while 79 decreased. Meanwhile the liquidity remained at a lower level as more than 536.4 million shares were traded on HoSE, worth just over VND17 trillion (US$740.2 million).
Analysts from Saigon-Hanoi Securities JSC (SHS) said that as the market is recovering from the sell-off, the lower liquidity is normal.
The index was boosted by gains in pillar stocks from all sectors. The VN30-Index posted a rise of 1.56 per cent to 1,428.48 points. Twenty-nine of 30 biggest stocks in the VN30 basket rose while none fell and only one ended flat.
Real estate stocks still led the market’s trend. Of which Vinhomes JSC (VHM) was the biggest gainer in market capitalisation yesterday, up 2.78 per cent. It was followed by Vingroup JSC (VIC), Viet Nam Rubber Group (GVR), Vietcombank (VCB), PetroVietnam Gas JSC (PVGas, GAS), up in a range of 1.3 - 4.3 per cent.
Other stocks posting great performance were Vinamilk (VNM), Vietinbank (CTG), Becamex (BCM), Techcombank (TCB), Novaland (NVL), FPT Corporation (FPT), and Mobile World Investment Corporation (MWG). All these stocks jumped more than 1 per cent with BCM hitting the maximum daily gain of 7 per cent.
However some stocks were still weighed by selling pressure like Saigon Beer - Alcohol - Beverage Corporation (SAB), Hai Phat Investment JSC (HPX) and PetroVietNam Low Pressure Gas Distribution JSC.
SHS recommended investors, who have already increased stock proportions to medium levels in Monday's session, should continue to watch the market in coming sessions and can make profit-taking orders if the benchmark enters a resistance territory of 1,300 - 1,325 points.
On the Ha Noi Stock Exchange (HNX), the HNX-Index also climbed 1.72 per cent to close Thursday's trade at 305.97 points.
During the trading session, VND2.16 trillion was poured into the northern market, equivalent to a trading volume of over 97.34 million shares.
On the other hand, foreign investors were still net sellers on HoSE as they sold a value of VND507.51 billion. However, they net bought a value of VND8.58 billion on HNX. — VNS