Shares extend rally, getting closer to 1,200 points on Tuesday

SAB rose 1.58 per cent to close Tuesday at VND205,500. - VNS Photo Doan Tung

The market witnessed 424 stocks climbing. Of which, 78 stocks hit the intra-day limit growth of 7 per cent, while 290 stocks fell. Another 22 closed flat. Property developers including FLC Faros Construction Joint Stock Company (ROS) and Coteccons Construction Joint Stock Company (CTD) were among stocks hitting the ceiling price.

On the Ho Chi Minh Stock Exchange (HOSE), the VN-Index increased 0.62% to close Tuesday at 1,192.28 points. The gain was boosted by an increase of the large-cap tracker VN30-Index.

At the end of trading day, the VN-Index gained 0.48 per cent to 1,169.03 points as investors continued to focus on some sectors such as banking and real estate. Sixteen of the 30 large-cap stocks gained value and nine dropped.

Stocks witnessing big gains included Hoa Phat Group Joint Stock Company (HPG) with an increase of 4.3 per cent to VND44,900; Saigon Beer - Alcohol - Beverage Corporation (SAB) rose 1.58 per cent to close Tuesday at VND205,500. Vietcombank (VCB), SSI Securities Corporation (SSI), JSC Bank For Investment And Development Of Vietnam (BID) also posted an increase of more than 1.0 per cent.

On the Ha Noi Stock Exchange (HNX), the HNX-Index edged higher after paring the morning decline. The HNX-Index was up 1.3 per cent at the end of Tuesday to 221.97 points.

In a daily report, Bao Viet Securities expected that large-cap stocks would continue the current rally to support the market. Cash flows would still focus on mid-cap and small-cap stocks to earn more during this period, the company added.

It also forecast that the VN-Index would soon reach its historic high territory of 1,200 - 1,220 points. But they warned that this would be a strong psychological resistance zone while the overbought trend in the market would continue to spread on a large scale in many stock groups. This might create a strong fluctuation during sessions.

On the other hand, foreign traders were net sellers on HOSE, unloading shares worth a net sell value of VND257 billion, while buying in VND10 billion on HXN.