Vin stocks propel VN-Index to close with slight gains
Vin stocks propel VN-Index to close with slight gains
Shares on the Hồ Chí Minh Stock Exchange (HoSE) edged up on Tuesday, with the rally occurring in the final minutes of trading, thanks to the recovery of some large-cap stocks.
A corner of the Ocean Park 3 urban area in Hưng Yên Province, a project by Vingroup. Stocks associated with the conglomerate contributed to a positive day for the VN-Index. — VNA/VNS Photo |
However foreign investors continued their net buying streak for the fifth consecutive day.
The VN-Index on HoSE increased by 0.54 points, or 0.04 per cent, closing the session at 1,280.56 points.
The market's breadth was negative, as the number of decliners outnumbered gainers by 182 to 130. Liquidity on the southern bourse remained low at VNĐ16.2 trillion (US$651 million), corresponding to a trading volume of 660 million shares.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, increased by 3.68 points, or 0.28 per cent, to 1,322.28 points. Eleven stocks in the VN30 basket advanced, fourteen declined and five remained flat.
Leading the market's uptrend were stocks from the group of Vin.
According to data from the financial website vietstock.vn, the Vingroup Joint Stock Company (VIC) was the biggest gainer, leading the market in capitalisation. Shares of the conglomerate hit the ceiling on Tuesday, surging by seven per cent and contributing more than 2.9 points to the VN-Index.
It was followed by another Vin-related stock, Vinhomes JSC (VHM), which saw its shares rise by 2.22 per cent and Vincom Retail Joint Stock Company (VRE), which gained 1.01 per cent.
Several large-cap stocks saw declines, limiting the market's overall gains. Leading the decliners was the Bank for Investment and Development of Vietnam (BID), which dropped by 1.2 per cent. This was followed by the Bank for Foreign Trade of Vietnam (VCB), which decreased by 0.54 per cent and PetroVietnam Gas Joint Stock Corporation (GAS), which fell by 0.83 per cent.
According to stock analysts from Viet Dragon Securities, the decreased liquidity compared to the previous session indicates that the supply side has yet to exert significant pressure on the market.
Currently, there is no distribution day signal, so the market's pullback seems to be a temporary cool down after surpassing the 1,280-point resistance level, a level which is expected to provide support for the market in the next session. If cash flow continues to support the market, there is still a chance for the VN-Index to reach the 1,305-point peak in the near future. Therefore, investors can anticipate the market's potential support and consider short-term buying opportunities in stocks that show positive performance from a support base.
On the Hà Nội Stock Exchange (HNX), the HNX-Index finished slightly lower on Tuesday, decreasing by 0.03 per cent to 238.91 points.
During the session, more than VNĐ1.1 trillion worth of shares, equivalent to a trading volume of over 49 million shares, were transacted on the northern market.
Conversely, foreign investors extended their net selling spree, offloading over VNĐ243.7 billion on the HoSE.
