Shares rise for seventh straight sessions
VN-Index increased for the seventh consecutive session on Thursday, propped up by a string of positive news for the market and domestic economy.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.29 per cent to close Thursday at 997.26 points.
VN-Index’s best performers Thursday included Vingroup (VIC), Vinhomes (VHM), and Masan Group (MSN), adding to the index respectively by 2.36, 0.38, and 0.22 points. Adversely, VN-Index’s biggest losers were Mobile World Group (MWG), Sabeco (SAB) and PetroVietnam Gas JSC (GAS).
The index rose 0.47 per cent to end Wednesday trading at 103.50 points.
On the Ha Noi Stock Exchange, the HNX-Index rose 0.35 per cent to end Thursday at 103.38 points.
The northern market index increased 0.03 per cent to end Wednesday at 103.01 points.
Over 174 million shares were traded on the two bourses on Thursday, worth VND5.1 trillion (US$219 million).
Seafood stocks gained after the US Department of Commerce (DOC) exempted anti-dumping tariffs for shrimp exporters of Viet Nam in the 13th period of review (POR 13). Gainers included Bentre Aquaproduct Import and Export JSC (ABT), Sao Ta Foods Joint Stock Company (FMC), I.D.I International Development & Investment Corporation (IDI) and Minh Phu Seafood Corporation (MPC).
Oil and gas stocks also witnessed growth among large-caps, PetroVietnam Drilling and Well Services Corporation (PVD) surged 2.6 per cent to VND17,900 per share. Brent futures price rose 27 cents to $60.3 a barrel. WTI oil price dropped 45 cents to $55.68 per barrel.
Bankers also performed with gainers including Asia Commercial Bank (ACB), Military Bank (MBB), VPBank (VPB), Techcombank (TCB) and Vietcombank (VCB). ACB increased by 1.8 per cent to VND22,700 per share. MBB increased by 0.2 per cent to VND22,550 share.
According to Bao Viet Securities Company (BVSC), VN-Index is forecast to face difficulties at resistance zone 998-1000 points. The market is expected to face correction pressure and return to 986-990 points in several sessions.
“In a positive scenario, if the index will continuously pass resistance zone 1000 points, the market’s uptrend will be supported with the next target price at 1014-1020 points in the short term,” BVSC said.
Stock divergence will be present by stock group and even stock sectors. Stock exposure should be maintained at 45-50 per cent of the portfolio. Investors may consider selling part of the short-term portfolio for profit when the market reaches resistance zone 1000-1005 points. They should only buy at market’s correction at each stock’s specific support zone, it said.
Foreign net selling value on Thursday was VND87.54 billion on HOSE, including Vietjet Air (VJC) (VND58.84 billion), OPC Pharmaceutical Joint Stock Company (OPC) (VND36.32 billion) and Vincom Retail (VRE) (VND14.19 billion). Foreign investors were net sellers on the HNX with the value of VND9.09 billion.