Sunday, April 14, 2024 9:17:48 AM - Markets open
VN-INDEX 1,276.60 +18.40/+1.46%
HNX-INDEX 241.34 +2.27/+0.95%
UPCOM-INDEX 91.21 +0.29/+0.32%
Bullish sentiment drives market's upward trend
Vietnam News - 2/19/2024 3:59:56 PM
 (0 ratings. You must sign in to rate.)
 The Vietnamese stock market opened the year of the Dragon on a positive note with two rising trading sessions.
 
The benchmark VN-Index extended rallies to surpass the threshold of 1,200 points and closed the week at the highest in five months. The gains were attributed to positive macroeconomic indicators and optimistic business performance expectations, according to experts. 
 
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index ended the week at at 1,209.7 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) was last traded at 233.04 points.
 
Last week, the total trading value of the entire market increased by 20.2 per cent from the previous week to over VNĐ20.6 trillion per session (US$841.3 million), thanks to positive sentiment following the Lunar New Year.
 
However, foreign investors continued to net sell on all three exchanges, with a total value of VNĐ768 billion.
 
Domestic investors’ mood is quite positive, boosted by encouraging macroeconomic indicators within the country, according to VNDirect Securities Corporation. 
 
Particularly noteworthy are the Purchasing Managers' Index (PMI), export-import figures, and foreign direct investment (FDI) data for January. A clear recovery in listed companies' fourth-quarter business results also supported the bullish mood. 
 
These factors contribute to the market's optimism towards the upcoming annual shareholders' meeting in 2024 and the first-quarter financial reporting, which are anticipated to display a brighter outlook. 
 
As a result, the market is unlikely to reverse the current upward trend. The VN-Index has the potential to target the previous resistance level of around 1,240 points. This level poses a significant challenge to the market's upward momentum.
 
Saigon - Hanoi Securities JSC (SHS) said that last week, the market also took in news regarding the Prime Minister's Directive No. 06, issued on February 15, 2024. 
 
The directive emphasises the urgency of implementing key tasks after the Lunar New Year holiday. The PM specifically instructed the Ministry of Finance, in coordination with the State Bank of Vietnam and the Ministry of Planning and Investment, to promptly resolve any obstacles in their respective areas of responsibility. The aim is to meet the criteria for upgrading the stock market from frontier status to an emerging market. 
 
Notably, the Ministry of Finance is required to report on the progress of this matter to the PM before June 30.
 
Once upgraded, the stock market is likely to attract a strong inflow of foreign investment capital, particularly from passive investment funds such as those that track market indices from reputable global market rating organisations like MSCI and FTSE Russell, said experts. 
 
This is also an important factor that influences the long-term sustainable development of the market.
 
According to estimates from BIDV Securities Company (BSC), if Việt Nam is upgraded to an emerging market by MSCI and FTSE Russell, it is projected to attract approximately $3.5-4 billion in new investments in Vietnamese stocks.
 
Investors’ cashflow has swiftly returned to the stock market following the Tết holiday, leading to a significant surge in the VN-Index beyond the 1,200 point-level. The market breadth has also become more positive, with numerous industry groups contributing to the market's upward trend, rather than the sole concentration on the banking sector observed prior to the holidays.
 
Experts from Vietnam Construction Securities JSC (CSI) believe that the upward momentum shows no signs of slowing down after the last trading session, and even indicates the potential for further increases. The benchmark index tested the resistance level around 1,200 points in Friday’s trade, leading to profit-taking pressure, but buying power remained strong.
 
Meanwhile, Việt Dragon Securities JSC (VDSC) said that investors should remain cautious due to potential pressures from supply sources and a potential slowdown in market momentum, along with significant divergence in stock performances.
 
Experts from VDSC maintain a cautious stance amid the decline in global stock markets. — VNS
 
Read original article here
Newer News
10/04 Banks and oil stocks endure a tough day, leaving with market volatility
05/04 Oil stocks see bright prospect amid rising prices
05/04 HoSE's stock market capitalisation in March rises by 3.1% compared to February
03/04 Stocks rebound as cash flow surges into large-cap shares
23/03 Shares sustain gains on strong investor confidence
20/03 Vietnamese securities companies race to boost capital amid high market demand
19/03 Large-caps pressured as increased profit-taking drives share decline
18/03 Market likely to be affected by Fed's meeting this week
18/03 Investors show strong interest in dividends at annual shareholders' meetings
15/03 VN-Index corrects, liquidity stays high
Older News
19/02 PM Chính instructs action for stock market upgrade
16/02 Government requires securities investor data cleansing by March
16/02 VN-Index breaks over 1,200 points for the 1st time in 5 months
16/02 Multiple Vietnamese companies declare cash dividends post Lunar New Year, boosting investors confidence
16/02 Morgan Stanley Capital International (MSCI) includes three Vietnamese stocks in MSCI Frontier Markets Index
27/12 Shares post further gains, boosted by large-caps
27/12 Enterprises in race to raise funds through share issuances
23/12 Market steady due to low risk appetite
22/12 Market settles higher but liquidity remains low
20/12 Green development gains momentum in VN's listed business community
 
Newsletter Signup
Top Stories
PM Chính requires strengthened gold market management
Bank shareholders to receive high dividends, stock bonuses
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,276.60 +18.40/+1.46%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.