Market gains for second day, VN-Index surpasses 1,700 point-level

Market gains for second day, VN-Index surpasses 1,700 point-level

Positive momentum was underpinned by easing geopolitical tensions in the Middle East, which supported a strong finish on the US market at the end of March and helped buoy sentiment across regional bourses.

The Landmark 81 building, a Vingroup project in HCM City. Shares of the conglomerate surged 4.44 per cent on Wednesday, leading the market gain and contributing over 10 points to the VN-Index. — VNA/VNS Photo

The stock market finished higher on Wednesday as the VN-Index broke through the 1,700-point threshold on the first trading day of April, driven by optimism from global financial markets even as profit-taking emerged late in the session.

By the end of the session, the VN-Index on the Hochiminh Stock Exchange (HoSE) rose 28.44 points, or 1.7 per cent, to 1,702.93 points. This marked its second day in a row on the up. Earlier in the day, the benchmark climbed more than 37 points and approached the 1,720 level before gains narrowed toward the close as investors cashed in profits.

Positive momentum was underpinned by easing geopolitical tensions in the Middle East, which supported a strong finish on the US market at the end of March and helped buoy sentiment across regional bourses.

The southern bourse recorded 208 stocks increasing, doubling those that declined. Liquidity continued to improve, rising to more than VNĐ29.2 trillion (US$1.1 billion).

Market leadership came from the VN30-Index, which added 32.25 points, or 1.76 per cent, to finish at 1,861.84 points. In the VN30 basket, up to 28 ticker symbols inched higher, with three hitting the ceiling prices, while one ticked down and one ended flat. 

Large-cap stocks in the Vin family were especially notable, as Vinhomes (VHM) and Vincom Retail (VRE) logged the biggest daily gain of 7 per cent while Vingroup (VIC) rose 4.4 per cent. 

Vietjet Aviation (VJC) also reached its daily maximum. Brokerage and banking shares registered broad gains during the session.

However, fertiliser, oil and gas stocks bucked the market rally and continued to fall. In the oil and gas group, Binh Son Refining and Petrochemical (BSR) dropped 4.88 per cent, PetroVietnam Chemical and Services (PVC) fell 3.47 per cent and PV Oil (OIL) lost 2.56 per cent. In the fertiliser sector, PetroVietnam Ca Mau Fertiliser (DCM) slid 6.21 per cent and Petrovietnam Fertiliser and Chemicals Corporation (DPM) declined 3.18 per cent.

Similarly, on the Hanoi Stock Exchange (HNX), the HNX-Index increased 0.48 points, or 0.19 per cent, to 251.46 points. On the northern market, 97.9 million shares were traded, worth nearly VNĐ2 trillion. 

Foreign investors sustained their selling for the day, with net foreign outflows on HoSE over VNĐ920 billion. 

The strong rally in early April is viewed as a positive signal that helps restore investor confidence after the recent volatile period and raises expectations for a more stable upward trend in the near term. 

Bizhub