Saturday , July 13 2024

Shares tread water in HCM City, investors seek promising shares

Shares tread water on the Hồ Chí Minh Stock Exchange on Monday as investors focused on companies with promising earnings prospects.

Workers of Lâm Thao Fertiliser and Chemical JSC transport fertiliser products onto customers’ vehicles. The company shares (LAS) hit the ceiling growth of 10 per cent on Monday. —VNA/VNS Photo

HÀ NỘI — Shares treaded water on the Hồ Chí Minh Stock Exchange on Monday as investors focused on companies with promising earnings prospects.

The VN-Index inched up just 0.04 per cent to close at 1,283.56 points on the first trading day of the week. Last week, the southern bourse’s index gained 3 per cent over five consecutive trading days.

Liquidity also improved with nearly 767 million shares worth VNĐ19.9 trillion (US$783.5 million) being traded, up over 25 per cent in both volume and value compared to Friday’s figures.

Market breadth tilted towards the positive side with 13/18 industries gaining points.

In terms of impact, Vietnam Rubber Group (GVR), Petrolimex (PLX), Mobile World Investment Group (MWG) and Petrovietnam Cà Mau Fertiliser (DCM) had the most positive influence on the VN-Index, adding more than 3.1 points to the VN-Index.

GVR topped the list with an increase of 4 per cent while PLX and MWG both grew by more than 2 per cent. DCM hit the daily limit growth of 7 per cent.

On the other hand, slumps of Vietcombank (VCB), Vingroup (VIC), brewer Sabeco (SAB) and Vinhomes (VHM) dragged the VN-Index most, taking away more than 2.9 points from the overall index.

According to analysts at Việt Dragon Securities Co, increased liquidity indicated a rise in supply as the market rallied, and continued cash inflows provided market support.

“It is possible that the resistance area of 1,285 points will put strong shaking pressure on the market. At the same time, the short-term uptrend may still continue thanks to the recent [macro-economic] development,” Phương Nguyễn, market analyst at Việt Dragon Securities, wrote in a note.

On the Hà Nội Stock Exchange, the HNX-Index increased by 0.35 per cent to end the day at 243,15 points. The northern bourse’s index gained 2 per cent last week.

Liquidity grew slightly with 63 million shares worth VNĐ1.43 trillion exchanged.

Lâm Thao Fertiliser and Chemical JSC is another fertiliser company which topped the gainers’ list in the Hà Nội’s market with a daily maximum growth of 10 per cent, being traded at VNĐ25,800 ($1) a share.

LAS’s stock price has surged by 84 per cent since early 2024, driven by strong business performance, including substantial industrial production and sales revenue.

In the first half of 2024, LAS’s production value reached over VNĐ1.8 trillion (55 per cent of the annual plan), sales revenue and services reached VNĐ2.1 trillion (63 per cent of the plan), and profit was estimated at VNĐ105 billion (77 per cent of the plan). — VNS

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