Blue chips continued to climb, supporting the HCM City market.
Pillars of the market, including Vinamilk (VNM), Masan Group (MSN) and Bao Viet Holdings (BVH), all climbed around 3 per cent, lifting the VN30 tracking the top 30 shares by market capitalisation and liquidity up 1.07 per cent to 556.56.
Other large caps, such as Vietcombank (VCB), Military Bank (MBB), Ocean Group (OGC), REE Corp (REE), PV Gas (GAS) and Hoa Phat Group, also increased from 0.7-1.6 per cent.
Total trading value decreased from the previous session, from VND1.33 trillion on Thursday to over VND1.25 trillion ($59.7 million). However, trading in the VN30 shares still made up 73 per cent of the total market value at VND912.3 billion ($43.4 million).
Property developer VinGroup (VIC), the most active code on total trades of 3.4 million shares, climbed 0.8 per cent to close at VND64,000 a share (US$3.05). VinGroup plans to buy back about 46.4 million shares of the company in July.It would not be easy to create a break-out in the market now and it would have to come from blue-chip momentum, stock analysts at the Viet Nam Investment Securities Co commented in a report.
They also said investors should not worry as sellers were not willing to unload shares at low prices.
“We continue to hold the view that with the current market conditions, stocks with good fundamentals will generate profits for investors. However, finding such shares is not easy.”
On the Ha Noi Stock Exchange, the HNX-Index also closed 0.3 per cent up at 63.16 points, but the trading remained sluggish with the total value reaching just VND194 billion ($9.4 million).
The market condition was neutral with 95 shares rising, 84 decreasing and 206 closing flat.
FLC Group (FLC) was the most active share with a total of 4.87 million shares changing hands at VND5,400 each.
Foreign investors returned as net buyers on the HCM City exchange yesterday, picking up VND51.4 billion ($2.4 million). They were also responsible for a net buy of nearly VND10 billion ($476,000) on the Ha Noi bourse.
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