Shares rise on the growth of bank stocks
Shares rise on the growth of bank stocks
Shares managed to gain on Tuesday thanks to the growth of pillar stocks in the banking group.
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 0.08 per cent to close at 1,174.09 points.
The market’s breath was in the negative zone, with losers outnumbering gainers 272 to 188.
More than 837 million shares were traded on the southern exchange, worth VNDĐ16.8 trillion (US$710.4 million).
Banking stocks performed positively and bolstered the increase of the market with gainers including Techcombank (TCB), VietinBank (CTG), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), and Tiên Phong Bank (TPB).
“The market continued to remain in the green but saw strong dispute. The gain was still modest, which shows that the cash flow is still cautious after the increase in supply,” said Việt Dragon Securities Co.
“The positive point in the session was that the supply temporarily cooled down and did not put great pressure on the market. With this signal, it is likely that the market will maintain an uptrend in the near future, but it will move slowly and continue to explore supply and demand.
“Therefore, investors still need to observe market movements to assess the effort of cash flow. At present, it is possible to continue holding stocks with good signals from the accumulation base, however, it is necessary to consider taking profits at stocks that have risen rapidly to the resistance zone or are under selling pressure from the resistance zone.”
The VN30-Index, which tracks the 30 biggest stocks on the HoSE, also finished higher, up 0.19 per cent, to end at 1,166.82 points.
In the VN30 basket, 10 stocks inched up, while 17 went down and stayed flat.
“It is likely that the market will still gain in the near future, but the movement will be slow and there will be a state of supply and demand dispute. Therefore, investors can continue to hold stocks with good signals from the accumulation base. However, it is still advisable to consider taking profits or reducing the weight of stocks that have risen rapidly to the resistance zone or are under great selling pressure from the resistance zone,” said Việt Dragon Securities Co.
On the Hà Nội Stock Exchange (HNX), the HNX-Index finished unchanged at 230.96 points.
During the sessions, investors poured nearly VNĐ1.5 trillion into the northern exchange, equal to a trading volume of more than 95.8 million shares.
