Home Business Shares recover on large-cap stocks

Shares recover on large-cap stocks

A processing line for chilled meat at Masan Group (MSN) in the northern province of Hà Nam. MSN rose 2.2 per cent on Wednesday. Photo courtesy of Masan Group

HÀ NỘI Shares bounced back on Wednesday as cash flow poured into large-cap stocks, pushing up indices.

The VN-Index on the Hồ Chí Minh Stock Exchange rose 0.21 per cent to close at 960.92 points.

More than 238.3 million shares were traded on the southern bourse, worth VNĐ4 trillion (US$182 million).

The benchmark slid 0.06 per cent on Tuesday.

Large-cap companies were the driving factor of the southern exchange in Wednesday’s trading.

The large-cap VN30-Index gained 0.38 per cent to stand at 873.18 points.

In the VN30 basket, 11 of the 30 largest stocks by market value and trading liquidity increased while 13 declined.

Among gainers were Masan Group (MSN) (+2.2 per cent), Bank for Investment and Development (BID) (+0.7 per cent), Mobile World Group (MWG) (+2.3 per cent), PetroVietnam Gas JSC (GAS) (+0.6 per cent), FPT Corporation (FPT) (+2 per cent), VPBank (VPB) (+1.3 per cent), Military Bank (MBB) (+1.2 per cent) and Novaland (NVL) (+0.9 per cent).

On the opposite side, some individual large-caps lost ground, lessening indices’ rally, such as Vinamilk (VNM) (-0.5 per cent), Bảo Việt Holdings (BVH) (- 1.3 per cent), Vietcombank (VCB) (-0.1 per cent), PetroVietnam Power Corporation (POW) (-0.8 per cent), Vincom Retail (VRE) (-0.3 per cent) and Hòa Phát Group (HPG) (-0.2 per cent).

Foreign investors net sold VNĐ11.62 billion on HOSE, including Vingroup (VIC) (VNĐ11.87 billion), PVPOWER (POW) (VNĐ6.68 billion) and Sabeco (SAB) (VNĐ6.17 billion). They were net sellers on the HNX with a value of VNĐ12.35 billion.

On the Hà Nội Stock Exchange, the HNX-Index increased 0.47 per cent to end Wednesday at 102.93 points.

More than 50.1 million shares were traded on the northern market, worth VNĐ762 billion.

The northern market index was up 0.10 per cent on Tuesday.

According to Bảo Việt Securities Co (BVSC), the VN-Index is forecast to move sideways in the resistance zone of 960.7-961.5 points during the coming sessions.

“The index needs to penetrate through this resistance zone to confirm its recovery toward 968-972 points. The market will experience a wild divergence among stock sectors,” BVSC said.

“On the other hand, we leave open the possibility of a wide fluctuation later this week due to funds’ NAV closing,” the company added.

Stock exposure should be maintained at 30-40 per cent of the portfolio. Investors with high stock exposure should lower the proportion of short-term positions at the aforementioned resistance zone.

After opening new buying positions at low proportion or covering previously sold positions at the support zone of 946-951 points, investors should hold off on buying and wait for further signals from the market, it said. — VNS

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