Benchmark indices ticked higher on Monday, buoyed by gains in manufacturing stocks and the return of foreign investors.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index extended rallies to the second straight day. The index rose 1.1 points, or 0.1 per cent, to 1,155.25 points. It recovered on Friday with a slight increase of 0.15 per cent, but lost nearly 3.3 per cent for the week.

The stock market has dipped for three consecutive weeks and recorded the longest weekly losing streak since the beginning of the year. The index was down 8 per cent from the peak of 1,250 points but some groups have witnessed sharp falls such as securities, real estate, and public investment stocks.

The market has shown signs of rebalance and recovery in the last sessions, however low liquidity is an obstacle to breach the resistance zone of 1,160 - 1,163 points, said MB Securities Company (MBS).

"In the coming sessions, if the VN-Index returns to the threshold of 1,130 points accompanied by strong demand, the bottom area will likely appear," MBS added.

Liquidity continued to decrease from the previous session on Monday. Of which, both the trading volume and value on the southern bourse fell 9.8 per cent and 17.6 per cent, respectively, to 518.2 million shares and VNĐ11.5 trillion (US$472.4 million).

The breadth of the market remained positive with nearly 220 stocks advancing, while 102 declined.

The 30 biggest stocks tracker VN30-Index increased 0.87 points, or 0.07 per cent, to 1,167.13 points. In the VN30 basket, 16 stocks climbed, while 12 ticker symbols and two finished flat.

Vietnam Rubber Group (GVR) and Vinamilk (VNM) led the bullish trend today, up 4.62 per cent and 1.89 per cent, respectively.

It was followed by Vincom Retail (VRE), Masan Group (MSN), and Vinhomes (VHM). All the stocks were up at least 0.55 per cent.

Gains were capped by strong sell-off in some large-cap stocks, of which, Vietcombank (VCB) posted the biggest loss. Shares of the lender dropped more than 1.1 per cent.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher at 236.72 points, an increase of 0.37 points, or 0.16 per cent.

Also supporting the market's sentiment, foreign capital returned to the southern bourse today as foreign investors net bought VNĐ176.37 billion on HoSE. However, they still net sold VNĐ4.56 billion. — VNS

Source:
courtesy of VIET NAM NEWS

by Viet Nam News

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