Market edges higher on the back of large-cap stocks
Viet Nam's stock market rose on Friday as investors focused on banking and real estate sectors.
The VN-Index on the Ho Chi Minh Stock Exchange climbed by 0.57 per cent to end the week at 1,194.2 points. More than 783.1 million shares were traded on the southern market, worth nearly VND18.7 trillion.
Overall market breadth was positive with 320 stocks climbing, of which 38 hit the intra-day limit growth of 7 per cent, while only 134 fell. Another 40 closed flat.
"Cash inflows increased with 14 out of 19 sectors climbing. The market breadth was in a positive status, while liquidity was not so different from the previous session. In our view, the VN-Index maybe still fluctuate around its historic peak next week," said BIDV Securities Co.
Bao Viet Securities also said the VN-Index will continue to struggle while trying to test the resistance zone of 1,200 - 1,220 points.
"However, we still keep our stance that this psychological resistance zone will continue to create pressure on the market's upward trend in the short-term, especially when many sectors are overbought," Bao Viet Securities added.
The gain was boosted by large cap stocks when 23 of the top 30 largest shares by market value and liquidity gained value and only six dropped. On Friday, the VN30-Index rose 1.13 per cent to 1,182.2 points.
FLC Faros Construction Joint Stock Company (ROS) kept its growth, up 6.71 per cent to end the day at VND3,500.
Banking stocks were still popular investments with many recording an increase of more than 4 per cent. For example, Sacombank (STB) gained nearly 5 per cent, HDBank (HDB) rose 4.1 per cent, and Bac A Bank (BAB) climbed 4.17 per cent.
Other sectors, including securities, real estate, construction, production, utilities and IT, also posted good performance. Property developer Vinhomes JSC (VHM), SSI Securities Corporation (SSI), Vingroup Joint Stock Company (VIC) and Viet Nam Dairy Products Joint Stock Company (VNM) increased by 0.71 - 4.53 per cent.
On the Ha Noi Stock Exchange, the HNX-Index also edged higher after finishing lower the day before. The index climbed 1.44 per cent to 225.47 points. The HNX30-Index surged on Friday with an increase of 3.38 per cent to 375.99 points.
Domestic investors poured nearly VND3 trillion into the northern exchange, with more than 185.7 million shares being traded.
Meanwhile, foreign investors net sold more than VND2.2 trillion on HOSE. Meanwhile, they were net buyers on the northern exchange, buying VND23.91 billion.