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Investors bet on positive market outlook, indices rise
Vietnam News - 5/30/2023 3:40:37 PM
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Both national stock indices ended the first trading day of the week on a positive note, as a wave of gainers permeated nearly all sectors, reflecting the optimism of investors in the market's outlook.
On the Hồ Chí Minh Stock Exchange, the VN-Index increased 1.05 per cent to close Monday at 1,074.98 points. Similarly, the HNX-Index on the Hà Nội Stock Exchange rose by 1.22 per cent to end at 220.31 points.
Market breadth favoured the buyers at the end of the session, with 661 gainers and 205 losers.
The VN30 basket which tracks the top 30 shares by market value and liquidity on the HCM City’s bourse also exhibited positive performance, with 23 gainers, three losers and four closing flat.
The liquidity remained high and showed significant improvement compared to previous sessions. Nearly 977 million shares worth VNĐ15.7 trillion (US$665 million) were traded in the two markets, up 34.3 per cent in volume and 28.7 per cent in value compared to Friday’s levels.
Twenty-four out of 25 stock industries gained value, according to data on, of which 15 sectors grew by more than 1 per cent. Securities, plastics, seafood, electric equipment and other financial services were the biggest gainers with average growth of between 2.3 per cent and 4.9 per cent.
Notably, the securities sector demonstrated the strongest performance, with 24 gainers and no losers. Many stocks in this sector experienced increases of more than 3 per cent, including Saigon Securities Inc (SSI, up 3.8 per cent), VNDirect Securities (VND, up 6.9 per cent), Hồ Chí Minh Securities Corp (HCM, up 3.8 per cent), BIDV Securities (BSI, up 4.4 per cent) and Trí Việt Securities (TVB, up 6.9 per cent).
In terms of individual stocks, the shares lifting the VN-Index most were Vinhomes (VHM), Vietcombank (VCB) and Vietnam Rubber Group (GVR) which rose respectively 0.9 per cent, 1.2 per cent and 5.8 per cent.
Sài Gòn-Hà Nội Securities Co’s analysis suggests a positive market trend in the short and medium term.
“If the VN-Index surpasses 1,075 points, it could move towards 1,100 points and potentially reach 1,150 points, signaling a medium-term uptrend. However, if the market fails to surpass 1,150 points, support is expected around 1,000-1,050 points,” they wrote in a note.
“The market has consolidated for six months, forming a strong accumulation base. Short-term investors can consider buying active stocks during corrections, maintaining an average weighting. Long-term investors can restructure portfolios, favouring leading stocks with solid fundamentals and stable growth potential.”
Foreign traders were net buyers on both exchanges on Monday, with net buying value of VNĐ133 billion. — VNS
Read original article here
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