Friday , July 19 2024

Strong return of liquidity lifts market’s sentiment

A Vietcombank employee performs a transaction at its office in Vĩnh Phúc Province. Shares of the lender soared nearly 1.2 per cent on Monday, leading the market’s rallies. — VNA/VNS Photo 

HÀ NỘI — The stock market finished higher on Monday, extending rallies for the second day in a row. The uptrend was buoyed by a strong cash inflow. 

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) gained 18.33 points, or 1.66 per cent, to 1,120.49 points. It had increased by more than 8 points in the previous session. 

The breadth of the southern market was positive, with the number of winners surpassing that of losers by 288 to 48. 

Liquidity on the exchange doubled from Friday’s trade. In particular, the trading value was over VNĐ24.1 trillion (US$994.2 million), soaring from just more than VNĐ12 trillion in the last session. 

This was equivalent to a trading volume of over 1.11 billion shares. 

The VN30-Index, tracking the 30 biggest stocks on HoSE, also inched higher at 1,107.16 points, a rise of 16.77 points, or 1.54 per cent.

In the VN30 basket, only one stock witnessed a downtrend, while up to 29 ticked up. 

Saigon – Hanoi Securities JSC (SHS) said that the market’s benchmark was still in the area of ​​retesting the 1,100-point threshold and was showing many positive signals. Given a tight fluctuation range in recent sessions, the possibility of the VN-Index successfully testing the 1,100-point level in the coming sessions was high.

“The current movement shows that the market’s fluctuations are gradually stabilising and forming a small accumulation base that can create a new uptrend,” the securities said. 

Banking, real estate, manufacturing, oil and gas and securities stocks all led the market’s uptrend. Of which, Vietcombank (VCB) was the biggest gainer on Monday, up 1.18 per cent. 

It was followed by the leading steel producer Hoà Phát Group (HPG), property developer Vingroup (VIC), PV Gas (GAS), and SSI Securities Corporation (SSI). All the stocks rose in a range of 2.02 – 5 per cent. 

Also supporting the market’s bullish sentiment, stocks in retail, information and technology and mining sectors posted positive performances, such as Mobile World Investment Corporation (MWG) surged 3.1 per cent, FPT Corporation (FPT) climbed 1.3 per cent, and PetroVietnam Drilling & Well Services Corporation (PVS) was up nearly 1.6 per cent. 

Similarly, on the Hà Nội Stock Exchange (HNX), the HNX-Index closed Monday at 231.31 points, up 5.05 points, or 2.23 per cent. 

During the session, more than 145.2 million shares were traded on the northern bourse, worth VNĐ2.85 trillion. 

Meanwhile, foreign investors were net sellers on the market as they net sold more than VNĐ626.4 billion on both main exchanges. Of which, they net sold VNĐ582.72 billion on HoSE and VNĐ43.69 billion on HNX. — VNS 

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