First session of new month sees gains all round.
The first trading session of the new month saw the VN-Index up by more than 6 points at one stage.
The morning’s uptrend, however, did not spread throughout the market. Oil and gas stocks such as PVS, PVD, PVB, and PVC continued to attract good cash flows after the Brent crude price reached its highest level in four years last week.
Bank stocks such as CTG, EIB, MBB, STB, SHB, TPB, LPB and HDB also attracted good cash flows. STB neared its ceiling on trade of nearly 10 million shares, with foreigners net buying 4.3 million.
Bluechips such as VHM, VIC, PNJ, MWG, and HPG also did quite well and helped the market upwards. Steel stocks such as HPG, HSG, NKG, SMC and TLH as well as PHR, TRC and DRI also attracted cash.
The VN-Index increased 4.23 points (0.42 per cent) to 1,021.36 points in the morning session, the HNX-Index 0.35 points (0.3 per cent) to 116.63 points, and the UPCoM-Index 0.2 points (0.37 per cent) to 54.41 points.
Liquidity was quite high at VND3.2 trillion ($137.2 million). Foreign investors were net buyers by VND100 billion ($4.28 million) and provided positive support in regard to investor sentiment.
Top stocks such as HCM, SSI, VND and SHS all fell, while AGR, BVS, BSI, VDS and ART rose sharply.
Mr. Tran Huu Phuc, Head of the Brokerage Department at Vietcombank Securities (VCBS), said that now the index has surpassed the psychological threshold of 1,000 points, this level is now a support threshold from both technical and psychological perspectives. In the context of the market still responding positively to macroeconomic factors and world markets, a less positive scenario would be unlikely.
“We continue to see that the index is in an accumulation phase and heading to a new level in the medium term,” he said. “Its movements over the past week have been positive but there is no sign of any new trend.”
Meanwhile, Mr. Nguyen Nhat Cuong, Deputy Head of Research and Analysis at Vietinbank Securities, forecast that the uptrend in the VN-Index will remain in place with a resistance threshold of 1,025 points in long-term MA 200 in the context of the index still clinging closely to the upper margin of the Bollinger range.
“Therefore, I think the VN-Index will move forward and conquer this threshold in the next trading week with support at the macro level and net buying by foreign investors,” he said. “Q3 business results have also been impressive.”
Van Dao report on Vneconomictimes
