VN-Index wins for fourth straight day on blue chip stocks

VIETNAM, March 18 – A staff member talks to a customer at the Vietcombank transaction desk. Bank stocks rose 1.45% yesterday, leading the uptrend in the market. — Photo

HÀ NỘI — Indices rose on Friday, with the market’s benchmark VN index marking a fourth day of gains on blue-chip stocks.

On the Ho Chí Minh Stock Exchange (HoSE), the VN index ended higher on the last trading day of the week, but remained below the resistance level of 1,470 points. The index ended Friday at 1,469.1 points, up 7.76 points or 0.53%.

The gain was in line with expectations from Saigon-Hanoi Securities JSC (SHS).

As the U.S. Federal Reserve’s quarter-percentage-point rate hike on Wednesday was widely expected and already priced in, it would have little effect on Vietnam’s stock market in the near term, SHS wrote in a daily report to the media. investors released on Thursday.

“Therefore, on the last day of trading, we expect the VN-Index to continue its current rallies to gradually narrow the gap with the 1,470 point resistance level,” SHS said.

Market breadth was positive with more stocks gaining points, while liquidity also rose sharply from the previous session as exchange-traded funds (ETFs) completed their portfolio restructuring.

As a result, over VN24.2 trillion ($1.1 billion) of shares, equivalent to a trading volume of over 795.7 million shares, were traded on the southern market.

Rebounds in the benchmark were led by large-cap stocks, primarily in the banking, real estate, manufacturing and energy sectors. Thus, the VN30-Index of the 30 largest stock trackers climbed 7.02 points, or 0.48%, to 1,476.94 points.

Eighteen stocks in the VN30 basket posted positive performances on Friday, while ten slid and two ended flat.

Data compiled by showed that Vietcombank led the uptrend on Friday after rising 1.45%.

It was followed by PVGas (GAS), up 2.74%, boosted by strong surges in international oil prices. Brent crude and U.S. crude rose above $100 a barrel again on Thursday on growing concerns over Russian supply shortages.

Also supporting the index, FPT Corporation (FPT), Vinhomes (VHM) and Hòa Phát Group (HPG), Becamex (BCM), BIDV (BID), Vietjet Aviation JSC (VJC) and Development Investment Construction JSC ( DIG) also recorded good performances on Friday.

On the Hà Nội Stock Exchange (HNX), the HNX index closed Friday at 451.12 points, up 5.05 points, or 1.13%.

During the session, nearly 130.1 million shares were traded on the exchange, worth more than 3.95 trillion VNĐ.

On the other hand, foreign investors were net sellers on HoSE as they net sold worth VN229.19 billion. However, they bought net worth 40.32 billion VNĐ on HNX. —VNS

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