Market ticks up on back of blue-chip stocks
Market ticks up on back of blue-chip stocks
However, foreign capital continued to flow out of the market, with a total net selling value of nearly VNĐ50.4 billion on the two main exchanges.
Workers checking products at a warehouse of Hòa Phát Group. The steel producer's shares led the market's recovery on Wednesday. — Photo hoaphat.com.vn |
The domestic market closed higher on Wednesday, boosted by gains in blue-chip stocks and improvement in liquidity.
On the Hồ Chí Minh Stock Exchange (HNX), the VN-Index rose 4.28 points, or 0.34 per cent, to 1,266 points. The benchmark index slipped toward 1.260 points threshold on Tuesday.
The market's breadth was positive as 204 stocks inched higher, surpassing that of losers.
Many blue-chips witnessed a positive recovery in the afternoon session, promptly propelling the VN-Index into a clear upward trajectory. Stocks across the market swiftly shifted, with small-cap stocks surging.
Liquidity on the southern exchange rose 6.25 per cent from the previous session to over VNĐ12.75 trillion (US$500.9 million).
The market saw increased activity and formed a rather impressive upward momentum after 2pm. Before closing, the VN-Index hit a new session high of 1,266.53 points.
The blue-chip group naturally remained the main driver of this uptrend, although both liquidity and amplitude were not particularly remarkable.
The VN30-Index, which tracks the 30 biggest ticker symbols on the HoSE, closed with a modest 2.2 points increase, or 0.17 per cent, still the lowest among the market cap indices on the HoSE exchange.
In the VN30 basket, there were 18 gainers, with seven decliners and five finished flat.
Hòa Phát Group (HPG) led the market's uptrend with a gain of 1.3 per cent. It was followed by BIDV (BID), PV GAS (GAS), Fortune Vietnam Joint Stock Commercial Bank (LPB), FPT Corporation (FPT) and Vietnam Rubber Group (GVR). These stocks were up 0.54 - 1.35 per cent.
Saigon - Hanoi Securities SJC said that in the short term, market conditions are attractive, with numerous stocks positioned at relatively enticing price levels, unveiling several promising opportunities.
However, the VN-Index is currently contending with correction pressures, consolidating within the support range of around 1,260 points, prior to the awaited arrival of new growth catalysts like the the fourth quarter business performance and the 2025 outlook.
The securities firm added: "Our outlook remains optimistic, anticipating a breakthrough from the protracted consolidation trend experienced since the year's inception."
On the Hà Nội Stock Exchange (HNX), the HNX-Index also recovered, up 0.54 points, or 0.24 per cent, to finish at 227.43 points.
During the session, investors poured VNĐ946.71 billion into the bourse, equivalent to over 46.2 million shares.
Meanwhile, foreign capital continued to flow out of the market, with a total net selling value of nearly VNĐ50.4 billion on the two main exchanges.
