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Share rise as cash pours into most sectors
Viet Nam's stock market closed higher on Monday, boosted by gains of many large-cap stocks across all sectors.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) increased by 1.37 per cent, to 1,359.86 points. Market breadth was positive as 271 stocks climbed while 97 declined.
The VN-Index had gained 2.1 per cent last week.
The liquidity continued to improve with nearly VND22.6 trillion (US$982 million) poured into the southern bourse, equivalent to a trading volume of 688.4 million shares.
The VN30-Index, which tracks 30 biggest stocks in market capitalisation on the southern market, rose 1.42 per cent to 1,497.83 points.
Of the VN30 basket, 26 stocks jumped while three slid, and one stayed unchanged.
Of the top five stocks influencing the bullish trend, SSI Securities Inc (SSI) led the gain on Monday, up 5 per cent.
It was followed by Vinhomes (VHM), The Viet Nam Rubber Group (GVR), Asia Commercial Bank (ACB), Hoa Phat Group (HPG), Khang Dien House JSC (KDH) and Vincom Retail (VRE).
Stocks in the fertiliser group also supported the market, with Lam Thao Fertilisers and Chemicals JSC (LAS), PetroVietnam Fertiliser & Chemicals Corporation (DPM), Petro Viet Nam Ca Mau Fertiliser JSC (DCM) and The Southern Fertiliser JSC (SFG) all reaching the ceiling price.
On a sector basis, there were 23 out of 25 sector indices on the market recording positive growth in the first trading session of the week.
The securities industry gained 4 per cent. Plastics and chemicals together grew by over 3 per cent. The healthcare industry and the production of equipment and machinery were two sectors that saw declines.
"Although the VN-Index had recovered, market liquidity increased compared to the previous sessions and was higher than the 50-session average, which means that investors are seeking short-term profits in the rapid recovery period," said Viet Dragon Securities Co.
"It is expected the VN-Index will continue to correct," it said.
"Investors should temporarily rebalance their portfolios and take profits on short-term positions," it said.
The HNX-Index on the Ha Noi Stock Exchange (HNX) also climbed 1.6 per cent to 330.68 points.
Nearly 137 million shares were traded on the northern market exchange, worth VND3.4 trillion.
The northern market index had risen by 3.3 per cent last week.
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