Thursday, September 16 2021

VietNamNews

Shares mark third rising week on market divergence

Update: July, 03/2021 - 07:02

 

A customer looks at smartphones at Mobile World's shop in Hà Nội. MWG topped the gainers with growth of 5.7 yesterday. VNS Photo Mai Hương

HÀ NỘI — Shares ended this week in the green, marking a third consecutive rising week.

On the Hồ Chí Minh Stock Exchange, the VN-Index closed Friday up 0.23 per cent at 1,420.27 points, expanding the weekly gain to 10.3 per cent.

Meanwhile, the HNX-Index on the Hà Nội Stock Exchange increased 0.7 per cent to end the day at 328.01 points. The northern bourse’s index climbed 13.4 per cent this week.

Although the indices gained on Friday, liquidity decreased slightly on large divergence among large-cap stocks.

A total of 854.5 million shares worth more than VNĐ29.6 trillion (roughly US$1.3 billion) were traded in the two markets. Especially, value through order matching transactions decreased 4 per cent on HCM City’s market to nearly VNĐ22.8 trillion.

Large caps were mixed. Half of the top 30 shares by market value and liquidity on the Hồ Chí Minh Stock Exchange declined while 14 increased. Only one was flat.

Mobile World Investment (MWG), PV Gas (GAS), VPBank (VPB), Techcombank (TCB) and FPT Corp (FPT) were among the gainers with growth of between 1-5 per cent, while Vietcombank (VCB), Vinamilk (VNM), Vingroup (VIC) and steelmaker Hòa Phát Group (HPG) weighed on the market.

Foreign traders were unexpectedly net buyers on Friday on the southern bourse with net buy value of VNĐ1.9 trillion. They net sold VNĐ246 billion on Thursday.

Shares of property company Novaland Invesment (NVL) topped the buying list of foreign investors with a net buy value of VNĐ1.9 trillion, most of them traded through put-through transactions. NVL shares dropped by 1 per cent, however, closing Friday at VND119,000 ($5.13) per share.

According to BIDV Securities Co, the market sentiment is optimistic when the new trading system is about to be put into operation which helped the VN-Index continue to rise above 1,420 points.

The new transaction system for the Hồ Chí Minh Stock Exchange provided by FPT Corp is set to go online on July 5. The system is under testing with the participation of 73 securities firms and is expected to process three to five million orders per session, much higher than the current limit of 900,000 transactions per day.

Analysts at Viet Dragon Securities Co (VDSC) predicted the VN-Index is heading to the target area of 1,430-1,450 points in the near future.

“Therefore, investors can follow the increase of the market and take profits at a good price area. In the meantime, it is possible to exploit some short-term opportunities in stocks with positive signals after the accumulation zone,” VDSC’s analyst Phương Nguyễn said in a note. — VNS

 

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