VN-Index inches closer to the threshold of 1,240 points

February 28, 2024 - 06:44
Also supporting the bullish sentiment, foreign investors continued to net buy VNĐ75.8 billion on both main exchanges.
Products stored inside a warehouse of Hòa Phát Group. Shares of the steel producer surged nearly 5.4 per cent on Tuesday, leading the market's uptrend. — Photo

HÀ NỘi — Shares extended rallies on Tuesday, pulling the VN-Index close to the threshold of 1,240 points, while foreign investors continued to pour capital into the domestic market. 

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained nearly 13.3 points, or 1.09 per cent, to 1,237.46 points. It had increased more than 12 points in the previous session. 

Breadth of the market remained in the positive territory as 238 stocks ticked up while 73 declined. Liquidity was higher than Monday's trade, up 10 per cent to nearly VNĐ23.1 trillion (US$936 million). This was equal to a trading volume of over 986.8 million shares. 

The 30 biggest stocks tracker VN30-Index also increased 14.6 points, or 1.18 per cent, to 1,247.91 points. In the VN30 basket, 21 ticker symbol inched higher, while four edged down and five ended flat. 

In the short-term, Saigon - Hanoi Securities JSC (SHS) said: "Although the VN-Index has recovered, we believe that  it will face challenges in surpassing the significant resistance level of 1,250 points. Consequently, we anticipate continued market volatility in the upcoming period, characterised by strong sell-offs followed by a prolonged consolidation phase."

Data compiled by a financial website showed that the leading steel producer, Hòa Phát Group, led the market's uptrend yesterday. The company's shares jumped nearly 5.4 per cent. Other steel producers also posted strong performances with Hoa Sen Group (HSG) up 1.78 per cent, Nam Kim Group (NKG) climbed nearly 1.7 per cent, Tiến Lên Steel Group (TLH) rose 2.4 per cent, Pomina Steel Corporation (POM) increased 1.3 per cent. 

Other contributors to the bullish trend were Vietcombank (VCB), Vinhomes (VHM), PV Gas (GAS), Vietinbank (CTG), Techcombank (TCB) and Vingroup (VIC). All the stocks gained at least 1.2 per cent. 

The HNX-Index on the Hà Nội Stock Exchange (HNX) also ticked higher on Tuesday to 235.38 points, up 2.52 points, or 1.08 per cent. 

Investors poured nearly VNĐ2 trillion on the northern bourse, equivalent to a trading volume of 97.6 million shares. 

Also supporting the bullish sentiment, foreign investors continued to net buy VNĐ75.8 billion on both main exchanges. Of which, they net bought VNĐ43.73 billion on HoSE and over VNĐ32.07 billion on HNX. — VNS