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Friday, June 9, 2023

Stocks extend rally on investors’ upbeat mood

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HCMC – Active cash flow and the strong support of four heavyweights—VHM, VIC, HPG, VNM—helped the benchmark VN-Index on the southern bourse beat the 960-point level on October 23, marking its highest rise over the past nine months.

With up to 249 stocks advancing and 161 others falling, the VN-Index settled at 961.26 points, up 11.36 points or 1.2% over the session earlier. Turnover of the HCMC market improved sharply as volume jumped 23.94% at over 452 million shares and value soared 29.45% at VND9.4 trillion, including more than VND1.6 trillion worth of shares traded in block deals.

Main contributors to the index made outstanding gains, with property firm VIC climbing 3.9%, housing developer VHM soaring 2.6%, dairy firm VNM surging 3.1% to its intraday high, and steelmaker HPG jumping 4.4% to hit its daily high as well.

Positive business performance results are behind the surge of HPG. Its after-tax profit in the third quarter of the year reached VND3.7 trillion, which is 2.1 times higher than the year-ago figure. Moreover, HPG led the southern bourse by liquidity, with over 29.53 million shares changing hands.

Other bluechips including VCB, MSN, MWG rose over 1% and PLX, VRE, SAB increased slightly, contributing to the index’s growth.

Meanwhile, 10 stocks in the VN-30 basket such as BID, CTG, GAS, FPT, NVL, STB, POW bucked the market trend as they traded in negative territory, all declining around 0.5%.

Among speculative stocks, members in the FLC family recorded an active trading session, with FLC, AMD, HAI all soaring over 6% to reach their ceiling prices.

On the northern bourse, high demand helped the HNX-Index expand 0.84 point or 0.6% against the previous session to end at 141.7, with 87 winners and 68 losers.

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