The VN-Index recorded nine hikes in he two weeks since the end of the Lunar New Year holidays (Photo: VietnamPlus)Hanoi (VNA) - This week, Vietnam’s stock markets closed in the green, as the benchmark VN-Index rose 1.34 points to 988.91 points while the HNX-Index inched up 0.7 point to 106.82 points.
The VN-Index on the Ho Chi Minh City Stock Exchange (HoSE) enjoyed increases in the whole week (from February 18 to 22) and it was also the ninth hike in two weeks. On February 22, there were 144 rising codes and 152 in decline.
The VN30, which measures the performance of the 30 stocks with the highest market capitalisation and liquidity on the HoSE, had 17 advancing codes and 12 others end in red, while one code was flat.
In the week, foreign investors posted net purchase value of 772.92 trillion VND (33.02 billion USD), equivalent to 23.64 million shares. E1VFVN30 topped the list with 15.4 million shares purchased, followed by HPG with 8 million shares.
The HNX-Index on the Hanoi Stock Exchange saw three hikes and one decline in the week, with the highest expansion of 107.09 points and the lowest decrease of 105.91 points.
Foreign investors purchased 1.98 million shares worth 55.5 billion VND. PVS and SHS topped the list of codes with most purchased and sold shares, with 4.6 million and 447,000 shares, respectively.
Statistics of the Sai Gon-Hanoi Securities JSC (SHS) indicated that in the whole week, the VN-Index enjoyed a surge of 38.02 points, equivalent to 4 percent, to 988.91 points and HNX-Index rose 0.706 points, or 0.7 percent, to 106.82 points.
Liquidity in the week witnessed a slight increase, while in 20 weeks, the figure jumped by more than 4.8 trillion VND per session in the two bourses. Trading value on the HoSE expanded by 10.6 percent to 21.8 trillion per session and grew 18.2 percent in the Hanoi Stock Exchange, raking in 2.5 trillion VND per session.
With current flow, experts at MB Securities JSC (MBS) voiced their expectations that the domestic stock market will continue its rising streak towards the 1,000-point mark. They said the role changing between major stocks helped the stock exchanges maintain growth while the number of traded shares may plummet.
In addition, as the VN-Index’s rising momentum weakened, the resistance level was not high.
However, analyst at the SHS Nguyen Khac Thanh expressed a cautious viewpoint and said major stocks on the two bourses saw positive growth and served as a foundation for other stocks to perform well. Finance sector stocks enjoyed the strongest surge of 5.8 percent, followed by those in consumption goods with a 3 percent rise.
Investors’ attitude remains positive thanks to information on the international market, with the US and China about to reach a deal to cease trade tensions.
However, money flow was not distributed evenly in the week as it mainly focused on major stocks. This situation means the rising momentum faces more risks and may need adjustment to beat the market heat, Thanh said.
In addition, investors’ carefulness also showed in future contracts as the VN30 was lower than it in the primary market by 10-14 points. Technically, Thanh said the closest resistance levels of the VN-Index would be 990 points and 1,005 points.
(Infogram: VietnamPlus)Growth momentum has become weak, therefore, the VN-Index could witness a short-term adjustment if it can’t break the resistance level of 990 points, he predicted. -VNA
