Business

Shares upbeat after holiday weekend

Shares advanced during the first session on May 3 after the National Reunification and International Labour holidays as investors remained positive about the market outlook.
Shares upbeat after holiday weekend ảnh 1Illustrative Image (Source: Internet)
Hanoi (VNA) - Shares advanced during the first session on May 3 after theNational Reunification and International Labour holidays as investors remainedpositive about the market outlook.

Thebenchmark VN-Index on the HCM Stock Exchange edged up 0.25 percent to close at719.54, the highest level since April 14. The southern market index hasexpanded 1.7 percent in the last four sessions.

Onthe Hanoi Stock Exchange, the HNX-Index increased 0.32 percent to end at 89.82points, lifting the growth of the last four sessions to over 2.2 percent.

Financialstocks like banks, insurers and securities companies were among the majormovers. They included Bao Viet Holdings (BVH), Vietinbank (CTG), Military Bank(MBB), Vietcombank (VCB), Sacombank (STB), Saigon Securities Inc (SSI) and HCMSecurities Corp (HCM).

Thesecurities sector recorded average growth of 1.64 percent, followed by thebanking group with a rise of 1.3 percent and the insurance sector up 0.73 percent,vietstock.vn revealed.

Large-capstocks saw big divergence with 16 of the largest 30 shares by market value andliquidity on the HCM City’s bourse rising while 11 declined.

RefrigerationElectrical Engineering Corp (REE) was the biggest gainer with a maximum dailyrise of nearly 7 percent, settling at 29,750 VND (1.31 USD) a share.

Onthe other side, oil and gas stocks slumped along with global oil.

Majorlisted energy shares such as PV Gas (GAS), PetroVietnam Drillings and WellService (PVD), PetroVietnam Drilling Mud (PVC) and PetroVietnam TechnicalService (PVS) declined, with PVD dropping to the floor price of 16,500 VND ashare.

However,analysts from BIDV Securities Joint Stock Company warned of a possible downwardmovement with the VN-Index approaching the resistance level of 720 points givenlarge divergence of major large caps.

Liquidityincreased with total trading volume reaching 278.5 million shares worth acombined 5.2 trillion VND (229.1 million USD) in the two markets, up 29.3 percentin volume and 23.8 percent in value compared to daily average figures of lastweek.

Foreigninvestors were net sellers in HCM City’s market on May 3 for a net value of 263billion VND while they picked up shares worth a net value of 1.4 billion VND onthe Hanoi bourse.-VNA
VNA
#National Reunification #International Labour holidays #share #market outlook #VN-Index #HCM Stock Exchange #Military Bank #Vietcombank #Sacombank #Saigon Securities Inc
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