Wednesday, August 4 2021

VietNamNews

Shares rally on back of some pillar stocks

Update: June, 23/2021 - 07:07
Vietinbank's transaction office during working hours. The bank shares soared 3.18 per cent yesterday, contributing to the market's rally. Photo courtesy of Vietinbank

HÀ NỘI — The stock market settled higher on Tuesday on gains in large-cap stocks. Meanwhile, foreign investors still escaped from the market.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index inched 0.53 per cent higher to 1,379.97 points. However, the market’s breadth was negative in the afternoon session as 204 stocks declined, while 189 stocks climbed. Fifty stocks ended flat. 

The liquidity was still high with nearly 747 million shares traded on HoSE, worth more than VNĐ22.39 trillion (US$973.1 million).

The market’s rally was driven mainly by pillar stocks in banking, real estate and utilities sectors. The VN30-Index, which tracks 30 biggest stocks in market capitalisation on the southern exchange, increased by 0.74 per cent to 1,489.24 points. Of the VN30 basket, 17 stocks rose, while 10 stocks plunged and three were unchanged. 

In the top five stocks dominating the market’s trend, No Va Land Investment Group Corporation (Novaland, NVL) was still leading the gain, up 4.13 per cent. 

Other big gainers were Vietinbank (CTG), MBBank (MBB) and PetroVietnam GAS JSC (PVGAS, GAS). These stocks all posted increases of more than 2 per cent yesterday. 

The rally was capped by losses of some large-cap stocks like Saigon Beer - Alcohol - Beverage Corporation (Sabeco, SAB) down 1.71 per cent, and Vinhomes JSC (VHM) down 0.45 per cent. 

Trần Xuân Bách, senior stock analyst from Bảo Việt Securities Company, said the index is likely to fluctuate between a range of the support level of 1,240 - 1,355 points and the resistance level of 1,385 - 1,405 points in the short term. 

“News of the second quarter’s business results will also drive the market’s trend in the near future,” Bách said, adding that the market continues to witness strong division between stock lines at the moment. And cash flows will shift alternatively among small/medium-cap stocks or large-cap stocks that haven't gained much in previous rallies.

He recommended investors maintain the stock proportion in their portfolios at 55 - 65 per cent. 

On the Hà Nội Stock Exchange (HNX), the HNX-Index ended higher, while large-cap stocks on the market lost points. 

Accordingly, the HNX-Index climbed 0.27 per cent to 317.09 points, but the HNX30-Index fell 0.03 per cent.

During the session, nearly 163.5 million shares were traded on the northern bourse, worth over VNĐ3.67 trillion. 

On the contrary, foreign investors kept fleeing from the market with a net sell value of VNĐ495.44 billion. Of which, they net sold a value of VNĐ604.19 billion on HNX, while net bought a value of VNĐ98.99 billion on HoSE and VNĐ9.76 billion on UPCOM. VNS

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