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Thursday, July 25, 2024

Stocks advance on high demand

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HCMC – The benchmark VN-Index of the Hochiminh Stock Exchange beat the 950-point level thanks to active trading activities in the local stock market on Monday, November 9.

Given upbeat market sentiment in response to the U.S. presidential election result, local investors actively joined the first trading session of the week, helping the main index rise and stay above 945 points in the morning.

Entering the afternoon phase, cash flow kept strongly running into the market and supported the further growth of the index.

With up to 318 winners and 117 losers, the benchmark index expanded 13.7 points, or 1.46% against last Friday at 951.99. Turnover on the southern bourse improved with volume and value surging 46.5% and 47% respectively at 393 million shares and over VND7.8 trillion. Shares traded in block deals contributed more than VND830 billion to the overall value.

Consumer goods producer MSN stole the limelight. After reversing course to end higher in the morning, MSN maintained dull trading for most of the afternoon before making a sharp rise in the last 15 minutes despite facing strong selling pressure from foreign investors.

Closing, MSN soared a massive 6.3% and ended at its intraday high of VND95,600, with 2.47 million shares changing hands.

Aside from MSN, other winners that supported the main index included housing developer VHM, lender CTG, steelmaker HPG, and retailer VRE, all rising 2 to 3.6%.

In the VN30 basket, only NVL and SAB declined around 1%, while EIB, VNM, TCH closed at their reference prices.

Among small and medium stocks, property developer FLC contracted 2.64% to VND4,800, but it was the most actively traded stock on the southern bourse with nearly 36.8 million shares changing hands.

As for the HNX-Index of the Hanoi market, it gained 2.3 points, or 1.65% versus the previous session at 141.61, with 95 advancers and 53 decliners.

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