Market closes the week on a positive note

Market closes the week on a positive note

The benchmark indices ended the week on a positive note, boosted by Vingroup, energy and banking stocks, while foreign investors returned to net buying.

The VN‑Index on the Hochiminh Stock Exchange (HoSE) rose by more than 13 points, or 0.77 per cent, to 1,750 points.

The market's breadth was positive territory, as 164 stocks increased and 144 stocks decreased. Despite the gain, HoSE liquidity fell from the previous session, dropping to roughly VNĐ24.7 trillion (US$936.3 million).

The VN30-Index, which tracks the top 30 shares by market value and liquidity, also rebounded. It closed at 1,928.23 points, up 0.69 per cent. Within the VN30 basket, 20 ticker symbols rose while six went down and four stayed unchanged.

Vingroup (VIC) led the market's recovery today, up 1.68 per cent and adding 4.17 points to the index's rally.

Energy stocks also contributed positively to the market. Binh Son Refining and Petrochemical (BSR) surged to the ceiling price after matching more than 20 million shares.

Other oil and gas counters also advanced sharply, including Petrolimex (PLX) up 4.18 per cent, PV Drilling (PVD) climbing 4.63 per cent, PetroVietnam Technical Services Corporation (PVS) increasing 5.6 per cent, PetroVietnam Transportation Corporation (PVT) up 3.69 per cent and PV Gas (GAS) rising 2.93 per cent.

Financials, particularly banks, continued to act as a market's pillar. Several bank shares rose by more than 2 per cent, led by Techcombank (TCB), Maritime Bank (MSB), LPBank (LPB) and Eximbank (EIB).

The buying push was tied to information that some commercial banks have reduced deposit rates by 0.5-1 per cent per year for tenors beyond six months, while committing to cut lending rates following meetings with the State Bank of Vietnam (SBV).

Another key support factor was the reversal in foreign flows. Foreign investors returned to net buying of nearly VNĐ841 billion on HoSE, ending a streak of five consecutive sessions of net selling.

Similarly, on the Hanoi Stock Exchange (HNX), the HNX-Index rose 0.37 per cent to 251.91 points. Nearly 90.3 million shares were traded on the northern bourse, worth more than VNĐ1.6 trillion. Meanwhile, foreign investors also net bought VNĐ 23.64 billion on HNX. 

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