VN-Index surges to above 1,210 points, foreign cash flows reverse
VN-Index surges to above 1,210 points, foreign cash flows reverse
Viet Nam's stock market rose on Thursday, marking the fifth consecutive gaining session. Meanwhile, foreign investors returned to be net buyers in the market.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) increased by 24.66 points, equivalent to 2.07 per cent, to close Thursday's trade at 1,216.1 points. This is the highest level since March 18.
The market breadth remained positive as 334 stocks climbed while 106 stocks slid and 47 stocks ended flat.
The gain of the index was widely expected by market analysts from securities firms.
"The VN-Index is heading to test the strong resistance level of 1,200 - 1,210 points in the next sessions. This is still the territory making the market face correction pressure once it hits this level," Tran Xuan Bach, a senior stock analyst from Bao Viet Securities, said.
"As the market gained for the third consecutive session to a near peak of 1,200 points, strong fluctuations were unavoidable," analysts from MB Securities wrote in a report to customers on Wednesday.
"In general, the market's trend is still led by blue-chip stocks and the possibility of break over the resistance territory of 1,200 points is really high," the firm added.
The market liquidity on Thursday was still high, with a trading amount of over 672.83 million shares, worth nearly VND19.5 billion.
The VN30-Index also rose 29.92 points, equivalent to 2.5 per cent, to 1,226.16 points. Of the 30 biggest stocks in market capitalisation, 19 stocks in the VN30 basket increased, while only one declined.
Shares across all sectors posted positive performance, with real estate and bank stocks still dominating the market trend.
Of which, Vingroup JSC (VIC) was the biggest gainer in market capitalisation, up 4.33 per cent. Followed by Vietcombank (VCB) and Hoa Phat Group JSC with their shares up 2.22 per cent and 2.63 per cent, respectively.
Stocks of Vinhomes JSC (VHM), Viet Nam Dairy Products JSC (Vinamilk, VNM) and JSC Bank For Investment And Development of Viet Nam (BID) were also in the top ten stocks influencing the market's rally. These stocks rose around 1.75 - 2.64 per cent.
On the Ha Noi Stock Exchange (HNX), the HNX-Index finished higher, up 2 per cent, equivalent to over 5.7 points, to 292.4 points. The HNX30-Index, tracking the 30 large-cap stocks in northern market, rose 3.47 per cent to 436.26 points.
In Thursday's trade, local investors poured nearly VND3.32 billion into the market, with a trading volume of over 190.57 million shares.
Meanwhile, foreign investors returned to a net buy of VND25.61 billion in the market. They net bought a value of VND45.26 billion on the southern bourse, while net selling a value of VND11.05 billion on HNX and VND8.6 billion on UPCOM.
