Shares finish week on positive note, uplifting market sentiment

July 22, 2023 - 07:03
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose strongly by 1.12 per cent to close at 1,185.90 points.
A Mobile World Group (MWG) staff member speaks to customers. MWG gained 7 per cent yesterday. Photo courtesy of Mobile World Group

HÀ NỘI — The market finished the week higher on the strong recovery of blue-chip stocks, uplifting investors' sentiment.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose strongly by 1.12 per cent to close at 1,185.90 points.

It had previously lost 0.01 per cent to close Thursday at 1,172.81 points.

More stocks added points, helping lift investors' sentiment. On the southern bourse, 348 stocks advanced, while only 120 inched lower. Liquidity also improved, with trading value on the HoSE reaching more than VNĐ20 trillion (US$845.4 million), equivalent to a trading volume of 988 million shares.

“It is likely that the market will continue to be supported and recover to retest the supply around 1,190 points.

Therefore, investors still need to observe market movements to assess the power of cash flow. It is possible to continue holding stocks with good signals from the accumulation base or buy stocks that retreat to the support base,” said Việt Dragon Securities Co.

“However, it is still necessary to consider taking profits for stocks that have increased rapidly to the resistance zone or are under selling pressure to rebalance the portfolio,” it said.

The index extended rallies on the back of large-cap stocks. Accordingly, the VN30-Index, tracking the 30 biggest stocks on HoSE, jumped 1.57 per cent, to 1,186.60 points.

In the VN30 basket, 25 stocks edged higher with two stocks hitting ceiling prices, while only four stocks declined.

Statistics compiled by the finance website showed that Mobile World Group (MWG) and Phát Đạt Real Estate (PDR) led the bullish trend, up nearly 7 per cent. It was followed by other big names like BIDV (BID), Vinhomes (VHM), Masan Group (MSN), Vietinbank (CTG), and Hòa Phát Group (HPG).

Brokerage stocks saw strong rebounds with Việt Nam Bank For Industry & Trade Securities JSC (CTS) up by 7 per cent; MB Securities JSC (MBS) rising by 1.52 per cent, VIX Securities Joint Stock Company (VIX) up by 4.06 per cent.

The HNX-Index (HNX) on the Hà Nội Stock Exchange (HNX) also closed the week higher, up 0.82 per cent, to 234.98 points.

On the northern bourse, nearly 92 million shares were traded during the session, worth VNĐ1.4 trillion. VNS