Banking and real estate stocks help VN-Index soar

Before the trading session on March 17, many securities companies said that profit-taking pressure was gradually forming on a large scale, especially in the two declining sessions at the end of last week. This is a sign that the market may enter a short-term correction to retest the 1,300-point price zone.

However, this development did not happen in the first session of the week because the cash flow continued to flow into some pillar stocks to support the market. VN-Index remained green throughout the session and closed at 1,336 points, up more than 10 points compared to the reference.

Green dominated the market as the number of stocks increasing reached 270, while the number of stocks decreasing was only 185. The large-cap basket also had 17 stocks closing above reference, while the number of stocks decreasing was half.

The banking group was the most excited when a series of stocks increased by more than 2%. VCB increased by 2% to 67,300 VND, becoming the stock contributing the most to the VN-Index. NAB, SHB and MSB had a time when they hit the ceiling price but then gradually narrowed the amplitude to increase by 4.3-6.5%.

The real estate group also increased consensus when HDC hit the ceiling of VND 26,850, while NLG, NBB, CEO and DXG all accumulated over 4% compared to the reference.

On the other hand, FPT continued to plummet, losing 1.1% to VND130,000. This stock topped the list of stocks that had the most negative impact on the index representing the Ho Chi Minh City Stock Exchange. After the surge, three stocks related to Vingroup, VIC, VHM and VRE, all closed in the red.

The index increased sharply but liquidity showed signs of slowing down. Today, more than 971 million shares were traded on the Ho Chi Minh City Stock Exchange, down slightly from 1.02 billion shares at the end of last week. The trading value accordingly decreased by more than VND2,400 billion, to VND20,675 billion.

The two stocks with the highest liquidity are both in the banking group, VPB with over VND 1,430 billion and SHB with over VND 1,066 billion respectively.

Foreign investors net bought more than VND204 billion today. This group disbursed a total of VND1,940 billion and sold VND1,737 billion. SHB strongly attracted foreign capital flow, followed by VIX, VCB and NLG.

According to some analysis groups, VN-Index needs time to absorb the profit-taking volume at the 1,340-point area. Therefore, a correction is considered necessary for the market to accumulate around the 1,300-1,320-point area. However, a sharp decline is unlikely to occur during this period because VN-Index is receiving many good supports, especially the story of market upgrading and business plans of enterprises.