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Market ends August with slight gains
vietnamnews - 8/31/2024 10:04:20 AM
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The stock market concluded August with a modest gain, as liquidity continued to dwindle due to low investor sentiment ahead of VietnNam's National Day holiday.
 
 
A corner of Techcombank's office in Ha Noi. The bank's shares led the market, contributing to the VN-Index closing August with a gain. — Photo techcombank.com
 
The stock market concluded August with a modest gain, as liquidity continued to dwindle due to low investor sentiment ahead of Vietnam's National Day holiday. Despite the ongoing drop in liquidity, the VN-Index ended the week with its fourth consecutive day of slight gains.
 
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index increased marginally by 2.4 points, or 0.19 per cent, to 1,283.87 points. The index marked its fourth consecutive day of small gains, hovering around the 1,280-point level.
 
Market breadth was positive, with 154 stocks advancing and 145 declining. Meanwhile, liquidity remained low at VNĐ13.5 trillion (US$540.82 million), a decrease of 3.6 per cent from the previous trading session.
 
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, rose by 4.85 points, or 0.37 per cent, to finish at 1,331.52 points. Gainers outnumbered decliners by 17 to eight, while five stocks remained unchanged.
 
Key stocks in the banking sectors led the market's uptrend.
 
According to data from the financial website vietstock.vn, the Vietnam Technological and Commercial Joint Stock Bank (TCB) was the biggest gainer, leading the market in capitalisation. Shares of the lender rose by 1.52 per cent, contributing more than 0.6 points to the VN-Index.
 
However, some large-cap stocks faced significant selling pressure, limiting the market's gains. Joint Stock Commercial Bank for Investment and Development of Vietnam (BID) saw a decline of 0.81 per cent, contributing to a drop of more than 0.5 points in the VN-Index.
 
Despite the effort to maintain the market's positive momentum, several sectors closed with modest gains. The food, technology, and retail sectors provided strong support for the market.
 
Foreign investors returned as net buyers on the HoSE, with a net purchase value of VNĐ61.9 billion. They mainly bought FPT (VNĐ188.1 billion) and MWG (VNĐ62.8 billion). On the other hand, they sold heavily in HPG (VNĐ206.5 billion) and VPB (VNĐ88.7 billion).
 
According to stock analysts from Viet Dragon Securities, the market continued to maintain its upward momentum but remained in a state of fluctuation. Liquidity decreased compared to the previous session, indicating limited supply, but caution prevailed among investors as the market rose. This fluctuation may partly be due to the reluctance to trade ahead of the holiday period.
 
The market remains balanced around the 1,280-point level. It is expected that the market will continue to be supported and may extend its gains after the holiday. However, it should be noted that supply is likely to increase significantly, putting pressure on the market at the resistance zone around 1,300 points. Therefore, investors can expect the market to rise further after the holiday but should avoid chasing prices that have already increased significantly. Additionally, they may consider taking profits at favourable prices in the short term. — VNS
 
 
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