Market kicks off March positively as VN-Index approaches 1,310 points

Market kicks off March positively as VN-Index approaches 1,310 points

Market breadth remained relatively balanced, with 157 gainers compared to 158 decliners.

Vinamilk's automated dairy production line in Bình Dương Province. The dairy producer's VNM shares rose on Monday, helping the VN-Index approach the 1,310-point mark. — VNA/VNS Photo

The stock market started the first trading session of March on a positive note, with the VN-Index edging closer to the 1,310-point mark. Liquidity saw a significant increase, while foreign investors continued their net-selling trend.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 4.01 points, or 0.31 per cent, closing at 1,309.37 points. Market breadth remained relatively balanced, with 157 gainers compared to 158 decliners. Trading liquidity surged to VNĐ21.1 trillion (US$826.9 million), with nearly 977 million shares changing hands.

The VN30-Index, which tracks the 30 largest stocks by market capitalisation, also rose by 4.73 points, or 0.35 per cent, to 1,361.16 points. Among the VN30 basket, 18 stocks advanced, eight declined and four remained unchanged.

Leading the market rally was Vinhomes JSC (VHM), which jumped 3.28 per cent, contributing nearly 1.37 points to the VN-Index.

Other key contributors included Việt Nam Dairy Products Joint Stock Company (VNM), which gained 1.61 per cent and Vingroup Joint Stock Company (VIC), which rose 2.06 per cent. Additionally, PetroVietnam Gas Joint Stock Corporation (GAS) and Sài Gòn Thương Tín Commercial Joint Stock Bank (STB) saw gains of 0.88 per cent and 1.57 per cent, respectively.

On the downside, certain banking and large-cap stocks put pressure on the market. Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) dropped 0.6 per cent, while Tiên Phong Commercial Joint Stock Bank (TPB) declined 2.99 per cent, and Vietnam Rubber Group - Joint Stock Company (GVR) fell 0.9 per cent.

According to analysts at the Việt Dragon Securities: "The market experienced some intraday corrections but quickly found support near the 1,305-point level before rebounding. Liquidity increased compared to the previous session, indicating that buying momentum has strengthened and absorbed profit-taking pressure.

"At present, the market has surpassed the previous peak of 1,306 points and is poised to challenge the 1,310-point threshold.

The analysts suggested that investors could capitalise on short-term buying opportunities, particularly in stocks that have shown strong momentum or are approaching key support levels. However, for stocks that have seen rapid gains and are nearing resistance levels, profit-taking should be considered to manage liquidity effectively.

On the Hà Nội Stock Exchange (HNX), the HNX-Index edged down by 0.36 per cent, closing at 238.34 points. Trading value on the northern exchange exceeded VNĐ1.5 trillion, with over 80 million shares exchanged.

Foreign investors extended their net-selling streak, offloading shares worth over VNĐ383 billion on the HoSE. 

Bizhub