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Shares sustain gains on strong investor confidence
Vietnam News - 3/23/2024 12:46:05 PM
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 Shares continued their growth trajectory on both exchanges on Friday with rising liquidity on investors’ optimism about the market uptrend.
 
On the Hồ Chí Minh Stock Exchange, the VN-Index rose for third day, adding 0.4 per cent to close at 1,281.8 points. The index has gained more than 11 per cent in the past three sessions.
 
Liquidity saw a further rise with nearly 1.4 billion shares worth over VNĐ34.7 trillion (US$1.45 billion), up 10.4 per cent in volume and 17.2 per cent in value compared to the previous day.
 
In terms of market influence, banks maintained their position in the forefront, with BIDV (BID), Vietcombank (VCB), Vietinbank (CTG) and Military Bank (MBB), leading the way with value increases ranging between 1.3 per cent and 2.3 per cent, being the top four shares contributing the VN-Index’s performance most on Friday.
 
Meanwhile, regarding sectors, the electric equipment sector saw the highest growth of nearly 3.9 per cent, propped up by strong increase of Gelex Group (GEX) which gained 6.4 per cent. Other stocks such as Rạng Đông Light Source and Vacuum Flask (RAL), Điện Quang Group (DQC) and Vietnam Electric Cable (CAV) rose by a modest growth of less than 1 per cent.
 
On the other end of spectrum, agriculture sector suffered the steepest decline of 1 per cent, deriving mainly from Southern Seed Corp (SSC), Hoàng Anh Gia Lai Group (HAG), Vietnam Forest Corp (VIF) and Hoàng Anh Gia Lai Agriculture (HNG) with decreases of between 1.2 per cent and 3.4 per cent.
 
According to Viet Dragon Securities Co, with the rally being maintained quite well, it is likely the market will head towards the 1,300 resistance area.
 
“As the market approaches this area, it’s likely to become highly contentious as profit-taking supply tends to increase,” market analyst Phương Nguyễn said in a report, suggesting investors closely monitor the market developments during this uptrend and prioritise stocks that are showing good signals from the support zone.
 
On the Hà Nội Stock Exchange, the HNX-Index also rose for a third day, adding 0.2 per cent to end at 241.68 points. Nearly 122 million shares worth VNĐ2.6 trillion were exchanged, down 27 per cent in both volume and value compared to the previous session. — VNS
 
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