Friday , July 19 2024

Shares post further gains, boosted by large-caps

Employees of FPT Corporation (FPT). FPT gained 1.25 per cent yesterday. — Photo courtesy of FPT

HÀ NỘI Vietnamese markets experienced further gains on Tuesday, propelled by the resurgence of blue-chip stocks.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index rose 0.41 per cent to end at 1,122.25 points.

It had risen 1.32 per cent to end Monday at 1,104.27 points.

The market’s breadth was positive, with 265 gainers and 216 losers.

Some 645 million shares were traded on the southern bourse, worth nearly VNĐ14.7 trillion (US$604.3 million).

Vietnamese markets maintained their upward momentum on Tuesday as they continued to post gains, with the key driving force being the recovery of blue-chip stocks. The positive performance of blue-chip stocks, which are shares of established and financially stable companies with a strong market presence, played a significant role in bolstering market confidence and attracting investor interest, said financial site

The recovery of blue-chip stocks also had a spillover effect on the broader market, as their performance is closely monitored and can influence market sentiment. The upward movement of these stocks instilled a sense of optimism among market participants, leading to increased trading activity and further market gains.

The VN30-Index, tracking the 30 biggest stocks on HoSE, gained 0.33 per cent, to end at 1,115.52 points. Seventeen out of 30 stocks in the VN30 basket posted gains, while 11 decreased.

In the VN-30 basket, the best performers were Bảo Việt Holdings (BVH), FPT Corporation (FPT), Hòa Phát Group (HPG) and Vingroup (VIC).

Banking stocks rebounded strongly and bolstered the market, with gainers including Military Bank (MBB), VPBank (VPB), Vietcombank (VCB), HDBank (HDB) and Liên Việt Post Bank (LPB).

“Liquidity is still not good but gradually increasing, showing that cash flow support is improving while supply is not causing great pressure. The market has surpassed the threshold of 1,110 points and entered the level of 1,110 – 1,130 points,” said Việt Dragon Securities Co.

“It is expected that this area will have a large potential supply, due to the disputed state and weakness of the market in this area in the past. The growth rate is likely to slow down in the near future and follow the trend of exploring supply and demand around the area of 1,123 points, and there will be a state of divergence.”

“Therefore, investors can expect the possibility of extending the recovery period, and at the same time consider short-term buying in some stocks that have created a foundation for accumulation recently. However, in the short term, you should still take advantage of the recovery to take profits at good price areas or restructure your portfolio.”

Twenty-one out of 25 sector indices on the stock market posted gains, including retail, wholesale, real estate, construction, seafood production, securities, insurance, IT, banking, food and beverage, construction materials and logistics.

Conversely, losers were healthcare, oil and gas, rubber production and agriculture.

On the Hà Nội Stock Exchange (HNX), the HNX-Index gained 0.79 per cent, to end yesterday at 231.26 points. — VNS

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