VN-Index gains for a fourth straight day on blue-chip stocks
VN-Index gains for a fourth straight day on blue-chip stocks
Indices rose on Friday, with the market benchmark VN-Index marking a fourth day gain on blue-chip stocks.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index finished higher on the last trading day of the week but still hovered below the resistance level of 1,470 points. The index ended on Friday at 1,469.1 points, up 7.76 points or 0.53 per cent.
The gain was in line with expectations from Saigon-Hanoi Securities JSC (SHS).
As the rate hike of a quarter percentage point of the US Federal Reserve on Wednesday was widely expected and was already priced in, it would have little effect on the Vietnamese stock market in the short term, SHS wrote in a daily report to investors released on Thursday.
“Therefore, on the last trading day, we expect that the VN-Index is likely to continue its current rallies to gradually narrow the gap with the resistance level of 1,470 points,” said SHS.
The market’s breadth was positive with more stocks gaining points, while liquidity also increased sharply compared to the previous session as foreign exchange-trade funds (ETF) completed their portfolio restructurings.
Accordingly, over VND24.2 trillion (US$1.1 billion) worth of shares, equivalent to a trading volume of more than 795.7 million shares, was traded on the southern market.
The benchmark’s rallies were driven by large-cap stocks, mostly in banking, real estate, manufacturing and energy sectors. Thereby, the 30 biggest stocks tracker VN30-Index climbed 7.02 points, or 0.48 per cent, to 1,476.94 points.
Eighteen stocks of the VN30 basket posted positive performance on Friday, while ten slid and two ended flat.
Data compiled by vietstock.vn showed that Vietcombank led the uptrend on Friday after rising 1.45 per cent.
It was followed by PVGas (GAS), up 2.74 per cent, boosted by strong surges of international oil prices. Brent crude and the US crude topped $100 a barrel again on Thursday due to rising concerns over the Russian supply shortage.
Also supporting the index, FPT Corporation (FPT), Vinhomes (VHM) and Hoa Phat Group (HPG), Becamex (BCM), BIDV (BID), Vietjet Aviation JSC (VJC) and Development Investment Construction JSC (DIG) also reported good performance on Friday.
On the Ha Noi Stock Exchange (HNX), the HNX-Index closed Friday at 451.12 points, up 5.05 points, or 1.13 per cent.
During the session, nearly 130.1 million shares were traded on the bourse, worth over VND3.95 trillion.
On the other hand, foreign investors were net sellers on HoSE as they net sold a value of VND229.19 billion. However, they net bought a value of VND40.32 billion on HNX.
