VN-Index extends its long winning streak

March 28, 2023 - 05:09
It logged a long rising streak of five days with the market's breadth inclining to the uptrend.
Logo of Vietcombank on its trading office in Trần Hưng Đạo Street, Hà Nội. The bank shares soared 2.25 per cent on Monday, led the market's bullish sentiment. VNS Photo Ly Ly Cao

HÀ NỘI — Benchmark indices opened the week on a positive note, buoyed by the improvement of risk appetite.

The VN-Index on the southern bourse Hồ Chí Minh Stock Exchange (HoSE) ended Monday at 1,052.25 points, a gain of 5.46 points, or 0.52 per cent.

It logged a long rising streak of five days with the market's breadth inclining to the uptrend. Meanwhile, liquidity increased slightly, of which over VNĐ9.7 trillion (US$413.2 million) worth, equivalent to nearly 557 million shares, was traded on HoSE.

The VN30-Index also advanced 5.03 points, or 0.48 per cent, to close the trading day at 1,056.45 points. Twenty of the 30 biggest stocks in market capitalisation of the VN30 basket jumped, of which one hit the ceiling price. Eight stocks declined while two stayed flat.

On the Hà Nội Stock Exchange (HNX), the HNX-Index inched higher to 206.67 points, an increase of 0.95 points, or 0.46 per cent. This marked its second day of rallying.

Investors poured VNĐ910.2 billion into the northern exchange, equal to a trading volume of 66.17 million shares.

Statistics showed that bank stocks continued to dominate and lead the market's rallies. Specifically, Vietcombank (VCB) was the biggest gainer on Monday, up 2.25 per cent, while BIDV (BID), Vietinbank (CTG), MBBank (MBB), Sacombank (STB), and VPBank (VPB) also contributed to the rally, up in a range of 0.47-1.8 per cent.

Supporting the bullish sentiment, Hòa Phát Group (HPG), Novaland (NVL), and Vietnam Airlines (HVN) posted strong performances, with NVL shares registering the biggest intraday gain of 7 per cent.

However, the gain was limited by losses in some large-cap stocks, led by Vinhomes (VHM) shares, down 1.22 per cent.

Foreign investors were net buyers on both main exchanges, of which, they net bought VNĐ173.6 billion on HoSE and VNĐ985.34 million on HNX.

At the seminar “Stocks 2023 – Compass in the midst of rough seas” on Saturday, Matthew Smith, Research Director of Yuanta Securities Vietnam, is optimistic that the market's bench mark VN-Index is recovering and can reach 1,300 points this year.

He said that there are some favourable conditions lifting the Vietnamese market, including young population and growing middle class, foreign investment inflows, and the attractive valuation of the stock market that is now the lowest level in Asia. — VNS