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VietNamNews

Shares extend gains thanks to large-caps

Update: February, 21/2019 - 07:00
Trading session at the MB Securities Joint Stock Company’s office in Hà Nội. – VNS Photo Trương Vị
Viet Nam News

HÀ NỘI — Shares extended gains on Wednesday, though the market saw wide divergence among stock groups.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange inched up 0.65 per cent to close at 970.58 points.

The southern market index rose 0.32 per cent to close trading at 964.35 points on Tuesday.

More than 170.8 million shares were traded on the southern bourse, worth VND4 trillion (US$171 million).

Other large-cap stocks also performed well, boosting the blue-chip VN30 Index 0.44 per cent to 911.80 points.

Eighteen of the largest stocks by market capitalisation in the VN30 basket advanced, eight declined while four remained unchanged.

Notably, real estate developer Vinhomes (VHM) increased by 3.9 per cent to end at VNĐ90,400 per share.

Besides, other large-caps such as Vincom Retail (VRE), brewery Sabeco (SAB), steel maker Hòa Phát Group (HPG) and Bank for Investment and Development (BID) also gained strongly.

On the other side, blue chips like consumer staple firm Masan Group (MSN), steel maker Hoa Sen Group (HSG), Ho Chi Minh Development Bank (HDB), Viet Nam National Petroleum Group (PLX), budget carrier Vietjet (VJC) and VPBank (VPB) fell, putting pressure on the market.

The HNX-Index on the Ha Noi Stock Exchange climbed 0.09 per cent to end at 106.30 points.

The northern market index decreased 0.59 per cent to close at 106.21 points on Tuesday.

More than 30 million shares were traded on the northern bourse, worth VND395 billion.

According to Bảo Việt Securities Company (BVSC), the market is predicted to keep moving towards the 975-991 point range in the next session and retreat in this resistance.

“The market will still see wide divergence among stock groups and the blue chips in the VN30 may experience strong volatility when September derivatives contracts expire tomorrow,” the company said in its daily report.

“Bank stocks are expected to have more positive movement in the remaining sessions this week. Meanwhile, large-cap stocks will still alternately rally and affect the index’s movement.”

Capital is forecast to flow into stocks which have yet to rally significantly or are accumulating to gain profits such as oil and gas, banks, textiles, fisheries, electricity, building materials and real estate stocks.

Investors can take advantage of market’s volatility and corrections to buy stocks for short-term trading and raise stock exposure to a maximum of 55 per cent to 65 per cent of the portfolio, BVSC said. — VNS

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