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Shares rise for third straight session, backed by strong cash flow

Your browser does not support the audio element. Shares rose for three consecutive sessions on Wednesday, backed by strong cash flow pouring in oil and bank stocks.

 

A customer at a Vietcombank branch in Hà Nội. VCB rose  二 per cent yesterday. — VNA/VNS Photo Trần Việt

HÀ NỘI Shares rose for a third consecutive session on Wednesday, backed by strong cash flow pouring in oil and bank stocks.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 0. 二 三 per cent to close at  一, 一 三 四. 六 二 points.

The market’s breath was in the positive zone, with gainers outnumbering losers by  二 一 八 to  一 八 三.

More than  八0 七 million shares were traded on the southern exchange, worth  一 七. 二 trillion (US$ 七 二 四 million).

The VN 三0-Index, which tracks the  三0 biggest stocks on HoSE, also finished higher, up 0. 一 六 per cent, to end at  一, 一 二 九. 七 六 points.

In the VN 三0 basket,  一 六 stocks inched up, while  一 四 went down.

Financial news site cafef.vn said many oil and gas stocks attracted cash flow and gained strongly, including PetroVietnam Gas JSC (GAS), PV Power (POW), PetroVietnam Drilling Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

Banking stocks moved in contradictory paths. Gainers in the basket included Vietcombank (VCB), Vietnam International Bank (VIB), VPBank (VPB), Military Bank (MBB), Sacombank (STB), Vietinbank (CTG), and Bank for Investment and Development (BID).

Meanwhile, losers were HDBank (HDB), Asia Co妹妹ercial Bank (ACB), Techcombank (TCB) and Tiên Phong Bank (TPB).

“Liquidity improved significantly with cash flow spreading to many industry groups. VN-Index closed the session higher, showing that the market's momentum and inertia remained. The support area is extended to around  一, 一 二 五 points of VN- Index and the market may retest the previous peak of around  一, 一 四0 points,"大众said Việt Dragon Securities Co.

“Therefore, investors still need to observe the supply and demand movements to assess the effort of cash flow. For the time being, it is still possible to hold stocks that are showing good technical signals from the accumulation base. However, for stockghat are still under selling pressure from the resistance zone and have not performed well recently, investors should consider taking profit or reducing the weight to rebalance the portfolio,” the company said.

“The market continued the recovery and maintained the high price level in the session. In general, the cash flow is still trying to support the market. It is expected that the market will aim to retest the previous peak around  一, 一 四0 points. Therefore, investors still need to observe the supply and demand movements to assess the effort of cash flow.”

“For the time being, it is still possible to hold stocks that have good technical signals from the accumulation base. However, for stocks that are still under selling pressure from resistance zone and have not performed well recently, they should still consider taking profit or reducing the weight to rebalance the portfolio,” it said.

On the Hà Nội Stock Exchange (HNX), the HNX-Index finished lower at  二 二 七. 七 五 points. It lost 0. 四 四 per cent.

During the sessions, investors poured nearly VNĐ 一. 四 trillion into the northern exchange, equal to a trading volume of more than  九0. 三 million shares. — VNS

 

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