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Market expends gains to fifth day on large-cap stocks
Benchmark indices extended gains on Tuesday, with the VN-Index inching closer to the threshold of 1,250 points, while foreign investors continued to be net buyers.
Inside a warehouse of Hòa Phát Group. The company's shares led the market's uptrend on Tuesday with a gain of nearly 3 per cent. — Photo courtesy of the company
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Most brokerage firms expected a potential strong correction today following a four-day rising streak. However, the benchmark index quickly rebounded after dipping below the reference level earlier and the decline was insignificant.
Throughout most of the day, the VN-Index traded above the reference level, maintaining a relatively stable range and closing the session higher.
Hồ Chí Minh Stock Exchange (HoSE) closed the trading day at 1,248.63 points, up 7.05 points, or 0.57 per cent. As a result, it had gained nearly 44 points in the last five sessions.
More stocks were traded higher on the southern bourse, but liquidity declined from the previous session. The trading value fell 12 per cent to over VNĐ18.4 trillion, equal to a trading volume of nearly 708 million shares.
The VN30-Index, which tracks the 30 biggest stocks on the HoSE, increased 10.23 points, or 0.8 per cent, to 1,284.85 points. In the VN30 basket, 16 stocks ticked up, ten inched down and four ended flat.
Rallies in large-cap stocks provided support for the market's upbeat.
Data compiled by a financial website vietstock.vn showed that Hòa Phát Group (HPG) was the biggest gainer on the market and led the market's trend in terms of capitalisation. Shares of the steel producer rose by 2.9 per cent. FPT Corporation (FPT) shares were up 2.9 per cent, Vinamilk (VNM) soared 3.34 per cent, PV Gas (GAS) rose 2 per cent and Vietjet Aviation (VJC) surged about 4.6 per cent.
Another airline stock Vietnam Airlines (VHM) also posted an increase of 3.54 per cent. Both airlines logged the biggest daily gain of 7 per cent on Monday thanks to positive business results in the first quarter.
On the Hà Nội Stock Exchange (HNX), the HNX-Index finished higher at 232.96 points, up 0.67 points, or 0.29 per cent. Investors poured over VNĐ1.3 trillion into the northern exchange, equivalent to a trading volume of 71.6 million shares.
Foreign investors continued to be net buyers on both main exchange, net buying a value of VNĐ152.4 billion. Of which, they net bought nearly VNĐ110.8 billion on HoSE and VNĐ41.6 billion on HNX.
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