Shares extend as money flows into large-caps

HÀ NỘI — Vietnamese stocks extended their gains on Wednesday as buying demand focused on individual blue-chips.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0. 八 三 per cent to close trading at  八 五 二. 九 一 points, after rising  一.0 六 per cent to close Tuesday at  八 四 五. 九 二 points.

Nearly  二 六 五. 八 million shares were traded on the southern exchange, worth VNĐ 四. 四 trillion (US$ 一 八 八. 五 million).

The large-cap tracker VN 三0-Index rose 0. 五 per cent to close Wednesday at  八0 三. 三 二 points.

In the VN 三0 basket,  一 六 of the  三0 largest stocks by market capitalisation and trading liquidity increased. Eleven lost ground and three were unchanged.

The market faced correction pressure at the beginning of the trading session but increasing buying demand during the session helped boost indices.

Cash flow was poured in some large-caps such as Vinhomes (VHM), Vincom Retail (VRE), Vinamilk (VNM) (+  一. 二 per cent) and Masan Group (MSN).

Industrial real estate developers also attracted cash, including Phước Hòa Rubber JSC (PHR), Vietnam Rubber Group JSC (GVR), and Sai Gon VRG Investment Corporation (SIP).

In the opposite direction, some pillars lost ground, including PetroVietnam Gas JSC (GAS), VPBank (VPB), Techcombank (TCB) and Vietjet (VJC).

The HNX-Index on the Hà Nội Stock Exchange slumped  一. 七 三 per cent to close Wednesday at  一0 六. 九 四 points.

The northern market index had risen 0. 二 六 per cent to close Tuesday at  一0 八. 八 三 points.

Nearly  四 八. 九 million shares were traded on the northern bourse, worth VNĐ 四 六 七 billion.

Foreign investors net bought VNĐ 一 一 三. 二 八 billion on the HOSE, including Vinhomes (VHM) (VNĐ 九 五. 三 六 billion), FUEVFVND (VNĐ 七 八. 二0 billion) and Vinamilk (VNM) (VNĐ 五 二. 一 三 billion).

They were net sellers on the HNX to the tune of VNĐ 九 二0 million.

Investors who are holding stocks should continue monitoring the market in the next sessions and may seek profit when the VN-Index approaches the resistance zone of around  八 八0 points, said Sài Gòn-Hà Nội Securities Co (SHS).

On the other hand, investors holding cash can buy in if the market corrects and drops to the nearest support level of around  八 四0 points, SHS said in its daily report. — VNS