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Shares make strong gains on upbeat sentiment
Shares posted strong gains on the first trading day of the week thanks to a positive market forecast amid a stable macro-economic situation.
On the Ho Chi Minh Stock Exchange, the VN-Index soared 2.58 per cent to close at 1,086.69 points.
Market breadth was positive when the number of rising stocks was nine-fold the falling ones, by 383 against 42.
Nearly 682.3 million shares worth VND11.7 trillion (US$463.8 million) were traded in HCM City’s bourse.
“The next resistance zones are at 1,065-1,075 points and 1,093-1,100 points. Investors with high stock exposure should consider securing profit in parts when the market rallies,” said Bao Viet Securities Co.
“Investors who prefer trading and have a high-risk appetite may consider opening long positions when the market retests the support zone of 1,048-1,052 points,” the company said.
According to ACB Securities (ACBS), public investment was strong and the domestic real estate market recovered faster than expected. In addition, FDI inflows continue to pour in Viet Nam, as well as credit problems will be solved.
Countries worldwide continue taking measure to control inflation in the first half of 2023 and investor sentiment will improve thanks to the easing of global monetary policy.
Based on these assumptions, ACBS forecasts a 15-20 per cent increase in corporate earnings, while market valuations could be higher than currently, bringing the VN-Index up to around 1,500 points by the end of 2023.
The VN-30 Index, tracking the 30 biggest stocks on HoSE, rose 3.19 per cent to close at 1,087.36 points.
In the VN-30 basket, the biggest gainers included the Vietnam Rubber Group (GVR), Hoa Phat Group (HPG), Bao Viet Holdings (BVH), FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), SSI Securities Inc (SSI), HD Bank (HDB), Viet Nam International Commercial JS Bank (VIB), Masan Group (MSN), Vietjet (VJC), Mobile World Group (MWG) and Vinhomes (VHM).
Banks drove the market rise when the top 10 shares lifting the VN-Index most were credit institutions. They included Vietnam Prosperity Bank (VPB), BIDV (BID), Asia Commercial Joint Stock Bank (ACB), Vietcombank (VCB), Techcombank (TCB) and Vietinbank (CTG).
Energy stocks also performed positively with gainers such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).
On the Ha Noi Stock Exchange, the HNX-Index rose 2.8 per cent to end at 215.83 points.
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