The Vietnamese stock market finished higher on Monday, bouyed by the improvement in risk appetite as liquidity remained above VNĐ20 trillion (US$847 million).

 

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index inched closer to the threshold of 1,200 points on Monday. The index ended the session at 1,190.72 points, an increase of 4.82 points, or 0.41 per cent. This is the highest close in 10 months.

 

The breadth of the market was positive as gainers surpassed losers on the southern bourse. Particularly, 211 stocks rose while 117 inched down.

 

Liquidity stayed high, remaining at more than VNĐ20 trillion, equivalent to a trading volume of 1.04 million shares.

 

The VN30-Index, tracking the 30 biggest stocks on HoSE, also increased 6.54 points, or 0.55 per cent, to 1,193.14 points.

 

Data compiled by financial website vietstock.vn showed that VPBank, Mobile World Investment Corporation (MWG) and Novaland (NVL) were the top three contributors to the market's rallies, with NVL shares hitting the maximum daily gain of 7 per cent.

 

Also supporting the bullish trend, Masan Group (MSN), Sahabank (SHB), Sabeco (SAB), Vietnam International Commercial Joint Stock Bank (VIB), and Khang Dien House Trading and Investment JSC (KDH) performed well. All the stocks rose a range of 1.2-4.3 per cent.

 

However, the market pared gains due to losses of some large-cap stocks, led by Vietcombank (VCB), down nearly 1 per cent. It was followed by PV Gas (GAS) and Hòa Phát Group (HPG), down 0.91 per cent and 0.53 per cent, respectively.

 

Analysts at Saigon - Hanoi Securities JSC (SHS) said the market's recovery momentum over the past two months is very positive as good internal strength is formed on an accumulation base.

 

"We expect the VN-Index is very likely to form a new uptrend after surpassing 1,150 points," said SHS.

 

The market benchmark surpassed the resistance level for the second week last week and could confirm that the market has turned into a medium-term uptrend. And there will be short-term corrections to consolidate the uptrend.

 

"Given the bullish trend, the medium-term target will be towards the area of ​​1,300 points," the securities firm added.

 

On the Hà Nội Stock Exchange (HNX), the HNX-Index extended its uptrend and marked its eighth straight winning day. The northern benchmark index rose 1.55 points, or 0.66 per cent, to 236.53 points.

 

During the session, nearly 128.8 million shares were traded on HNX, worth more than VNĐ2.07 trillion.

 

Meanwhile, foreign investors were net sellers on the market today as they net sold VNĐ330.64 billion on HoSE. On the other hand, they net bought VNĐ24.15 billion on HNX. — VNS