Shares closed on a positive note on Wednesday, as investors speculated on first-quarter earning results and annual shareholder meeting information from many listed companies.
On the HCM Stock Exchange, the VN-Index increased for a second day, up 0.24 per cent and closing at 724.14 points.
On the Ha Noi Stock Exchange, the HNX-Index edged up 0.26 per cent to end at 91.16 points.
Liquidity rose significantly, with a total of nearly 269 million shares worth over VND5 trillion (US$218.3 million) traded on the two exchanges, representing a 19 per cent growth in volume and a 13 per cent rise in value compared to Monday’s figures.
“The VN-Index could break the 725 resistance level after first-quarter earnings results are published and business plans are approved in annual shareholders’ meetings,” Tran Thang Long, head of analysis at BIDV Securities Co, wrote in a market report.
According to Long, high achieving first quarter sectors include consumer goods, rubber and steel.
Growth of major banks such as Vietcombank (VCB), BIDV (BID) and Sacombank (STB), along with gains for construction and steel stocks like VinGroup (VCI), Novaland Investment Group (NVL), Hoa Phat Group (HPG) and Hoa Sen Group (HSG) supported the market yesterday.
Shares of agribusiness Hoang Anh Gia Lai Co (HAG) and Hoang Anh Gia Lai Agricultural Investment (HNG) also climbed over 6 per cent each. The State Securities Commission agreed to extend the deadline for Hoang Anh Gia Lai Co and its agricultural arm to report their audited 2016 business results within 100 days since the last day of the fiscal year.
On the negative side, big shares slumps from the dairy company Vinamilk (VNM), private equity firm Masan Group (MSN), Vietinbank (CTG), PV Gas (GAS) and Saigon Securities Inc (SSI) restrained the market.
Taking a more cautious viewpoint, analysts at Bao Viet Securities Co reckoned the VN-Index could slightly rise to a new price range, as this index has hovered around the same peaks for many years and sales pressure is likely to increase.
They suggested investors put stocks with big earnings prospects on radar in the coming sessions.
The VN-Index has surpassed the 725-point levels in the morning trade in the last two sessions, but it has always stepped back in the afternoon under rising selling pressures. – VNS