Market opens the week on strong liquidity

September 06, 2023 - 06:55
The rally extended the VN-Index's winning streak to a fifth day.
A Vietcombank's employee processes a transaction at its office in Hà Nội. The lender's shares jumped more than 1.1 per cent yesterday, leading the market's uptrend. VNS Photo Mai Hương

HÀ NỘI — The stock market inched higher on Monday, buoyed by strong liquidity from domestic investors. Foreign investors, however, were net sellers.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained more than 10.9 points, or 0.89 per cent, to 1,234.98 points. The rally extended its winning streak to a fifth day.

The breadth of the market was positive with 81 stocks declining, while up to 256 ticker symbols moved up.

The liquidity also stayed above VNĐ20 trillion, of which the trading value on the southern bourse reached nearly VNĐ24.6 trillion (US$1 billion), equal to a trading volume of nearly 1.1 billion shares.

The VN30-Index, tracking the 30 biggest stocks on HoSE, also rose 10.11 points, or 0.82 per cent, to 1,244.64 points. Twenty-five stocks of the VN30 basket advanced, while four dropped and one stayed flat.

The analysis team from Saigon - Hanoi Stock Exchange (SHS) said that for the short-term, the market was in a recovery phase which might support the VN-Index to head towards the old peak area of around 1,250 points and create a new base level before facing the strong resistance level of 1,300.

Therefore, short-term investors could watch the market closely and decide to participate, the securities firm recommended.

Data compiled by a financial website showed that the banking group dominated the top five stocks leading the market’s rally trend.

In particular, Vietcombank was the biggest gainer, with an increase of more than 1.1 per cent. It was followed by Vinamilk (VNM), MBBank (MBB), BIDV (BID), and Vinhomes (VHM), up in a range of 1.1-3 per cent.

Also supporting the bullish sentiment, many stocks from other industries posted positive performance, such as Novaland (NLV), up 4.65 per cent, PV Gas (GAS) rose over 1 per cent, Vietnam Maritime Commercial Joint Stock Bank (MSB) soared by 6.43 per cent, Techcombank (TCB) up 1.45 per cent, and Vietjet Aviation (VJC) climbed 2.55 per cent.

However, the gain was capped by losses in some stocks, led by SeaBank (SSB) with a fall of 2.14 per cent.

The market’s benchmark was also weighed by the outflow of foreign capital. Of which, foreign investors net sold VNĐ384.67 billion on HoSE

The HNX-Index on the Hà Nội Stock Exchange (HNX) also increased by 2.53 points, or 1.01 per cent, to 252.28 points.

During the session, investors poured nearly VNĐ2.3 trillion into the northern exchange, equivalent to a trading volume of 117.7 million shares.

Foreign investors net bought a VNĐ5.22 billion on the northern market. — VNS