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Large-cap stocks lift market
Vietnam News - 8/29/2018 9:02:37 AM
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HÀ NỘI — Shares ended on a positive note on Tuesday as cash flowed into large-caps.
The benchmark VN-Index on the HCM Stock Exchange rose 0.33 per cent to close at 995.19 points having gained 0.49 per cent on Monday.
The HNX-Index on the Hà Nội Stock Exchange advanced 0.56 per cent to end at 112.24 points after jumping 3.33 per cent the previous day.
Liquidity slid slightly compared to the previous session with more than 220.2 million shares traded on the two local bourses worth nearly VNĐ5 trillion (US$216.7 million).
Financial-banking, securities, construction materials and insurance were the main driving factors on Tuesday.
Mixed performances were seen among the top 30 largest stocks by market capitalisation in the VN30 basket, but the VN30 Index inched up 0.46 per cent to end at 971.01 points.
Among the gainers were PetroVietnam Gas JSC (GAS), Saigon Securities Incorporation (SSI), Saigon Hanoi Commercial Joint Stock Bank (SHB), FLC Faros Construction Joint Stock Company (ROS) and steel maker Hoà Phát Group (HPG).
On the other side, steel maker Hoa Sen Group (HSG), real estate developer Vinhomes (VHM), Techcombank (TCB) and retailer Mobile World Group weighed on market sentiment.
Bank stocks gained across the board, with SHB, Vietcombank (VCB) and Sài Gòn Thương Tín Commercial Joint Stock Bank (STB) respectively jumping 2.4 per cent, 1.4 per cent and 0.9 per cent.
Securities stocks increased, strongly driven by VNDirect Securities Corporation (VND), Saigon Securities Incorporation (SSI) and MB Securities Joint Stock Company (MBS). Among steel stocks, Hoà Phát Group (HPG) rose by 2.4 per cent.
According to Bảo Việt Securities Company, the VN-Index is moving towards the resistance threshold of 996-1,010 points. However, the market is witnessing wide divergence among groups of stocks and may experience some alternate volatility and corrections while moving up.
Foreign investors bought VNĐ283 billion on HOSE, focusing on steel maker Hoà Phát Group (HPG) (VNĐ140.86 billion), Saigon Securities Incorporation (SSI) (VNĐ61.34 billion) and Vietcombank (VCB) (VNĐ50.13 billion). They also net bought VNĐ1.66 billion on the HNX.
According to BIDV Securities Company (BSC), the positive results from the US-Mexico trade talks as well as optimistic investor sentiment about the prospects for trade between the US-Canada and the European Union in the forthcoming negotiations led the market up.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) edged down 0.52 per cent to finish at 51.28 points. The unlisted market index dropped 0.09 per cent in the previous session. — VNS
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