Market climbs for second day in a row
Market climbs for second day in a row
The Vietnamese stock market closed higher on Friday, extending rallies for a second straight session.
A branch of HDBank (HDB) in Hà Nội. HDB was up 3.4 per cent on Friday. — VNA/VNS Photo |
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 0.38 per cent, to close at 1,221.03 points.
More stocks moved to the upside on the southern bourse, of which 223 ticker symbols inched higher, while 200 stocks finished lower.
Liquidity increased compared to the previous session, with more than 643.4 million shares traded on HoSE, worth nearly VNĐ17 trillion (US$669million).
The benchmark index was boosted by gains in large-cap stocks, with the 30 biggest stocks tracker VN30-Index posting an increase of 0.67 per cent, to 1,255.62 points. Sixteen stocks in the VN30 basket jumped, while 12 stocks slid. And two stocks ended flat.
Leading the market's uptrend were pillar stocks in banking industry. Biggest gainers included HDBank (HDB), up 3.4 per cent, Asia Commercial Bank (ACB), up 1.9 per cent and Vietcombank (VCB), up 0.7 per cent.
Limiting the rallies, some big stocks still faced strong sell-offs, such as FPT Corporation (FPT), posting a decrease of 1.1 per cent, PVPower (POW), down 1.4 per cent and Becamex (BCM), losing 0.4 per cent.
"The temporary supply remains low and in a waiting state, allowing the market to continue to rise with low liquidity," said Việt Dragon Securities Co.
"However, the market remains cautious as it approaches the 1,220-point resistance zone. The possibility of being blocked at this level still exists, and the risk of retreat is still hidden due to the low supporting liquidity."
"Therefore, investors should avoid chasing purchases and maintain a reasonable portfolio allocation level, while observing supply-demand dynamics at the resistance zone to reassess the market's condition. Currently, it is advisable to consider profit-taking during recovery phases or portfolio restructuring to minimise risks."
On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher on Friday. It rose 0.32 per cent, to 228.22 points.
During the session, VNĐ1.1 trillion worth of shares, equivalent to a trading volume of nearly 55.5 million shares, was traded on the northern market.
