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Shares recover but liquidity stays low
Vietnam News - 10/10/2023 2:03:23 PM
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Vietnamese markets rebounded Monday thanks to the recovery of pillar stocks but liquidity remained low on cautious investor sentiment.
 
On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index gained 0.78 per cent to end at 1,137.36 points.
 
It had dropped 2.22 per cent last week.
 
The market's breadth was positive with 352 gainers and 145 losers.
 
Liquidity remained low with 603 million shares traded on the southern bourse, worth nearly VNĐ13.8 trillion (US$556 million).
 
The VN30-Index, tracking the 30 biggest stocks on HoSE, increased 0.93 per cent, to end at 1,150.37 points. Twenty out of 30 stocks in the VN30 basket posted gains, while nine decreased and one stayed flat.
 
In the VN-30 basket, gainers included Bảo Việt Holdings (BVH), FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Hòa Phát Group (HPG) and Việt Nam National Petroleum Group (PLX).
 
Banking stocks also attracted cash flow with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB) and Tiên Phong Bank (TPB).
 
However, some banks still suffered selling force such as Vietcombank (VCB) and Bank for Investment and Development of Việt Nam (BID).
 
“Despite being cautious during the session, the market continued to be supported at the MA(200) area of the VN-Index and gradually recovered. Liquidity increased but remained low, showing that the pressure to sell at low prices was not yet drastic, especially since the strong selling move of foreign investors in the previous sessions did not continue,” said Việt Dragon Securities Co.
 
“With current support signals, it is likely that the market will continue its technical recovery process in the near future. However, developments may be difficult because cash flow in general has not improved significantly and the resistance pressure from the 1,140 point area is still present.
 
“Therefore, investors need to observe and evaluate supply and demand when the market recovers. Temporarily, it is still necessary to consider the market's recovery ability to restructure the portfolio in a way that minimises risks,” it said.
 
As many as 22 out of 25 sector indices on the stock market posted gains, including wholesale, real estate, oil and gas, construction, seafood production, and agriculture, securities, insurance, IT, banking, healthcare, rubber production, construction materials and logistics.
 
On the Hà Nội Stock Exchange (HNX), the HNX-Index gained 1.35 per cent, to end at 233.55 points.
 
During the session, investors poured over VNĐ1.5 trillion into the market, equivalent to a trading volume of nearly 77.9 million shares. — VNS
 
Read original article here
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