VN-Index lifted on strong liquidity

Monday, Jun 26, 2023 17:45

A worker collecting latex at a plantation of the Vietnam Rubber Group. The rubber producer's shares jumped 3.16 per cent on Monday, helping lift the VN-Index. — VNA/VNS Photo Vu Sinh

Improvement in liquidity in the afternoon session overweighed selling pressure on Monday, with figures closing in the green.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) opened the new week on a positive note, extending the rally to the fifth session.

It closed Monday at 1,132.03 points, an increase of 2.65 points, or 0.23 per cent. It gained nearly 1.3 per cent last week.

The market’s breath was in the negative zone, with losers outnumbering gainers. Liquidity, however, increased over the last trading session. Trading volume and value on the southern bourse rose 15 per cent and 13.3 per cent, respectively, to more than one billion shares and nearly VND20.4 trillion (US$866 million).

The VN30-Index, which tracks the 30 biggest stocks on the HoSE, also finished higher, up 4.47 points, or 0.4 per cent, to 1,131.23 points.

In the VN30 basket, 18 stocks inched up, while eight went down and four stayed flat.

In line with the market’s bullish trend, Vinamilk (VNM) posted a gain of nearly 2.2 per cent. It was followed by Vietnam Rubber Group (GVR), Mobile World Investment Corporation (MWG), PV Gas (GAS) and Techcombank (TCB). All the stocks were up in a range of 0.84 - 3.4 per cent.

Stocks of the appealing real estate industry performed well, also supporting the rally. Novaland (NVL) soared by 2.76 per cent, Kinh Bac City Development Holding Corporation (KBC) by 3.45 per cent, and DIC Group (DIG) climbed by 1.32 per cent.

However, selling force remained, weighing on many pillar stocks. Vinhomes (VHM) posted the biggest loss in market cap on Monday, down 0.89 per cent, followed by Sacombank (SCB) with a fall of 2.31 per cent.

Analysts from Saigon-Hanoi Securities JSC said that the market's breaking over the resistance zone of 1,125 points showed the strength of the short-term recovery wave. It's likely to form an uptrend in the mid-term if the benchmark VN-Index accumulates enough points to surpass the level of 1,500 points and the macro conditions are favourable.

"In the current state, the VN-Index is expected to head towards the stronger resistance territory of 1,150 points," SHS said.

On the Ha Noi Stock Exchange (HNX), the HNX-Index finished lower at 231.01 points. It lost 0.53 points, or 0.23 per cent.

During the session, investors poured nearly VND2.1 trillion into the northern exchange, equal to a trading volume of more than 122 million shares.

Meanwhile, foreign investors were net sellers on the market as they net sold VND364.87 billion on the two main bourses. They net sold nearly VND449 billion on HoSE, although they net bought 84.13 billion on HNX. — VNS

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