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Shares recover thanks to 'Vin' stocks
Vietnam News - 7/24/2019 1:00:23 PM
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Shares rebounded on Tuesday thanks to the positive movement of 'Vin' stocks and rallies by some individual heavyweight stocks.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose 0.76 per cent to close at 989.46 points.
 
Nearly 185 million shares were traded on the southern bourse, worth VNĐ4.7 trillion (US$201 million).
 
The index had slipped 0.03 per cent to close Monday at 982.04 points.
 
The large-cap VN30-Index was up 0.98 per cent to 888.26 points. Nineteen of the 30 largest stocks by market capitalisation ended the morning on a positive note.
 
Three 'Vin' shares, namely Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE), all extended their rallies. VIC increased by 2.8 per cent to VNĐ119,800 per share, VHM rose by 1.4 per cent to VNĐ85,800 per share and VRE climbed 1.6 per cent to VNĐ37,300 per share.
 
Other large-cap stocks such as PetroVietnam Gas JSC (GAS), steel maker Hòa Phát Group (HPG), Military Bank (MBB), Mobile World Group (MWG) also performed well and solidified the rise of VN-Index. GAS increased by 1.5 per cent to VNĐ107,100 per share, MWG rose 2.3 per cent to VNĐ108,900 per share. MBB climbed 2.3 per cent to VNĐ22,700 per share.
 
Sectors saw a wide divergence today. Real estate stocks went up 1.86 per cent thanks to Vingroup’s gains, while retail stocks increased by 2.03 per cent, owing to Phú Nhuận Jewelry PNJ (1.7 per cent), Mobile World Group MWG (2.3 per cent), and Digiworld JSC (DGW) (2.4 per cent).
 
Adversely, bank stocks fell 0.12 per cent, due to Bank for Investment and Development (BID), Asia Commercial Bank (ACB) and Vietcombank (VCB).
 
Foreign investors were net buyers for a sixth consecutive session on HoSE at almost VNĐ46 billion.
 
According to Bảo Việt Securities Company (BVSC), the VN-Index is forecast to improve in the next few sessions.
 
“The VN-Index will head toward the resistance zone of 992-993 points next session with the support from foreign investors’ net buying activities. In this resistance zone, the index may face volatility pressure before heading toward stronger resistance zone around 1,000 points in the short run,” BVSC said.
 
“Q2 financial reports being published will possibly continue to cause a wide divergence among sectors. Bank stocks are expected to maintain its uptrend in the short run. Large-cap stocks, including VIC, VHM, VRE, FPT and MWG will increase and dominate the index in the remaining sessions of the week,” it said.
 
Oil and gas stocks were sending positive signals, it added.
 
Stock exposure should be maintained at 50-60 per cent of the portfolio and investors with high stock proportion might consider selling stocks at 992-993 points.
 
They should take advantage of the market’s corrections to raise the proportion of short-term positions, focusing on blue-chip and large-cap stocks and shares with positive second quarter business results, BVSC said.
 
On the Hà Nội Stock Exchange, the HNX-Index lost 0.05 per cent to end at 106.71 points on Tuesday.
 
More than 28.4 million shares were exchanged on the northern bourse, worth VNĐ416 billion.
 
The index had lost 0.29 per cent to end at 106.76 points on Monday. — VNS
 
 
Read original article here
 
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