Shares increase, fuelled by push of blue chips

June 02, 2023 - 03:54

The Vietnamese stock market made gains on Thursday, propelled by the growth of pillar stocks.


Customers at Tiên Phong Bank (TPB)'s transaction office. TPB soared 4.6 per cent yesterday. — Photo courtesy of TPB

HÀ NỘI — The Vietnamese stock market made gains yesterday, propelled by the growth of pillar stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 0.3 per cent, to close the day at 1,078.39 points.

The breadth of the market was in positive territory, with 236 stocks up while 164 traded lower.

During the session, investors poured over VNĐ13.9 trillion (US$591.8 million) into the southern market, equivalent to a trading volume of more than 856.8 million shares.

The 30 biggest stocks tracker VN30-Index also closed higher at 1,068.09 points, up 0.17 per cent. Fifteen ticker symbols of the VN30 basket climbed, while 11 went down and four ended flat.

The VN-30 group recovered quickly at the end of the session. In the basket, the biggest gainers were The Việt Nam Rubber Group (GVR), Phát Đạt Real Estate Group (PDR), Novaland (NVL) and Tiên Phong Bank (TPB). They increased between 2.1 and 4.6 per cent.

The banking group also saw positive performance with gainers being Military Bank (MBB), Techcombank (TCB), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), and Tiên Phong Bank (TPB).

But there were still decliners in the banking group, namely Vietcombank (VCB), VietinBank (CTG) and BIDV (BID).

Oil and gas group was seen in the red, including PetroVietnam Gas JSC (GAS), PetroVietnam Technical Services Corporation (PVS), The PetroVietnam Drilling & Well Service Corporation (PVD) and Bình Sơn Refinery and Petrochemical Joint Stock Company (BSR).

The market has not yet been able to break through the VN-Index's resistance level of 1,080 points as supply pressure is still present, especially in large-cap groups, said Việt Dragon Securities Co.

However, the cash flow still tried to support the market by keeping the balance at 1,075 points. It is expected that the market can still be supported and recover again to continue testing the supply at 1,080 points in the next session, it said.

"Therefore, investors need to observe supply and demand movements to assess market status. It is still possible to hold stocks with good technical signals and attract cash flow. However, it is necessary to consider taking profits in stocks that have increased rapidly to the resistance zone or are under selling pressure from the resistance zone to realise the results."

On the Hà Nội Stock Exchange (HNX), the HNX-Index closed the trading day at 223.97 points, up 0.52 per cent. — VNS