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Market extends rally as foreign bloc boosts net buying
vietnamnews - 10/11/2024 8:45:06 AM
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On the Ho Chi Minh Stock Exchange (HoSE), the benchmark VN-Index rose by 4.51 points or 0.35 per cent, to close at 1,286.36 points, marking the third consecutive day of gains.
 
 
At a corner of FPT University campus. FPT shares led the market on Thursday. — Photo courtesy of FPT university
 
The stock market continued its upward trend on Thursday, with improving liquidity and strong net buying from foreign investors.
 
On the Ho Chi Minh Stock Exchange (HoSE), the benchmark VN-Index rose by 4.51 points, or 0.35 per cent, to close at 1,286.36 points, marking the third consecutive day of gains.
 
However market breadth was negative, with 172 stocks declining while 130 advanced. Liquidity on the southern bourse increased to VNĐ18.4 trillion (over US$740.32 million), up 8.2 per cent from the previous session.
 
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, climbed by 8.61 points, or 0.64 per cent, to 1,360.58 points. Fourteen stocks in the VN30 basket gained, 14 declined and two remained flat.
 
Data compiled by vietstock.vn showed that FPT Corporation (FPT) was the biggest gainer, rising by 4.65 per cent and contributing more than 2.32 points to the VN-Index.
 
It was followed by the Bank for Foreign Trade of Vietnam (VCB), up 0.99 per cent, Masan Group Corporation (MSN), which increased by 3.9 per cent and Vietnam Prosperity Joint Stock Commercial Bank (VPB), rising by 1.48 per cent.
 
Some sectors posted losses, exerting pressure on the overall market, with notable decliners including Hòa Phát Group JSC (HPG), Vinhomes JSC (VHM) and Sai Gon Thuong Tin Commercial Joint Stock Bank (STB).
 
Stock market analysts from Viet Dragon Securities said: "Liquidity slightly decreased from the previous session, but supportive capital flows are helping the market maintain its uptrend. The current upward momentum may enable the market to test supply levels around the 1,285 – 1,290-point range. However, supply pressure remains significant at this level, potentially leading to heightened competition in the market.
 
"Therefore, investors should closely observe the supply-demand dynamics at the resistance zone to assess the market's condition. At present, investors should prioritise stocks that show strong capital flow signals from their support base and consider using this recovery to restructure portfolios with a focus on risk management."
 
On the Hanoi Stock Exchange (HNX), the HNX-Index closed lower on Thursday, dropping by 0.21 per cent to 231.29 points.
 
During the session, nearly VNĐ939 billion worth of shares, equivalent to a trading volume of over 51 million shares, were traded on the northern market.
 
Foreign investors returned to strong net buying, with net purchases amounting to over VNĐ505 billion on the HoSE. — VNS
 
Read original article here
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