Market starts October on a positive note
Market starts October on a positive note
The stock market began October on a positive note, ending a two-day losing streak, while liquidity also surged.
Techcombank's headquarters in Hà Nội City. TCB shares led the market on Tuesday. — Photo courtesy of Techcombank |
On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index rose by 4.26 points, or 0.33 per cent, to close at 1,292.2 points, marking a robust recovery following the previous session’s decline.
Throughout most of the day, the VN-Index traded above the reference level, maintaining a stable range and closing the session higher.
The market's breadth was positive, with gainers outnumbering losers by 203 to 103. Liquidity on the southern bourse rose sharply to VNĐ21.8 trillion (over US$886 million), a 34.5 per cent increase compared to the previous session.
The VN30-Index, which tracks the 30 largest stocks, climbed by 6.32 points, or 0.47 per cent, to 1,358.88 points. Sixteen stocks in the VN30 basket rose, eight declined, and six remained unchanged.
Data compiled by the financial website vietstock.vn showed that the Vietnam Technological and Commercial Joint Stock Bank (TCB) was the biggest gainer, rising by 1.86 per cent and contributing nearly 0.78 points to the VN-Index.
It was followed by Vinhomes JSC (VHM), up 1.52 per cent; Hòa Phát Group JSC (HPG), increasing by 1.52 per cent; and FPT Corporation (FPT), rising by 1.04 per cent.
Some sectors posted losses, putting slight pressure on the overall market, with decliners including Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), Vietnam Prosperity Joint Stock Commercial Bank (VPB), and Fortune Vietnam Joint Stock Commercial Bank (LPB).
According to stock market analysts from Viet Dragon Securities, the market surged and surpassed the 1,290-point resistance level. However, the market’s upward momentum may be limited in the near term due to supply pressure around the 1,300-point level.
Therefore, investors can anticipate potential market recovery and consider taking profits at favourable price levels. However, they are advised to avoid chasing rising prices and instead look for opportunities to make short-term purchases in stocks with strong support levels during market corrections.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher on Tuesday, rising by 0.49 per cent to 236.05 points.
During the session, nearly VNĐ2.2 trillion worth of shares, equivalent to a trading volume of over 126 million shares, were traded on the northern market.
Foreign investors resumed their net buying trend from the previous session, with net purchases amounting to over VNĐ689 billion on the HoSE.
