Shares maintain uptrend on rising liquidity

Share this on: Hanoi, Mar 31 2023 - 07:13 AM
Shares maintain uptrend on rising liquidity

Shares struggled to maintain the uptrend as many shares turned dark in the afternoon session, showing faltering investors’ psychology amid mixed economic data.

The General Statistics Office indicating low GDP and high inflation in the first quarter may also be contributing to the uncertainty and volatility in the stock market.

On the Ho Chi Minh Stock Exchange, the VN-Index edged up 0.29 per cent to close Thursday at 1,059.44 points. This was the eighth straight rising session with a combined growth of 3.5 per cent.

On the Ha Noi Stock Exchange, the HNX-Index inched up 0.18 per cent to end at 205.95 points. The northern bourse’s index decreased 0.5 per cent in the previous two sessions.

Liquidity increased with a total of 706.3 million shares worth VND12.1 trillion (USS$512.7 million) being traded in the two bourses, up 36 per cent in volume and 32 per cent in value compared to Wednesday’s figures.

However, the market lost the rising momentum in the afternoon session as the number of declining stocks increased to 176 while the gaining ones stood at 190 by the end of the day. The other 112 closed flat.

The trio of stocks – Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) – performed well and supported the VN-Index. VHM leaped 3.2 per cent while VRE climbed 2.2 per cent and VIC increased 0.4 per cent.

Steel giant Hoa Phat Group held its 2023 annual shareholders’ meeting on Thursday. The company announced it would maintain the business plan proposed at the end of February with consolidated revenue of VND150 trillion and profit after tax of VND8 trillion, equivalent to a net profit margin of 5.33 per cent.

Compared to 2022, Hoa Phat’s revenue plan this year still increased by 6 per cent, but the profit target decreased by 5 per cent, marking its second consecutive year of profit decline.

The company also proposed it will not pay dividends for 2022. This is the first time that the company will not pay dividends since its listing. Previously, it regularly paid dividends at the rate of 20-50 per cent per year.

Investors did not respond well to the information as shares of Hoa Phat Group (HPG) retreated to the reference line after a positive opening.

Foreign traders had a second day of net selling with a value of VND416 billion in the two markets, focusing on shares on HCM City’s bourse with a net sell value of VND408 billion. Sacombank (STB) was the most sold share with a net sell value of VND284 billion, followed by Saigon Securities Inc (SSI, VND77 billion) and Digiworld (DGW, VND71 billion). — VNS

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