Shares climb on banking, seafood stocks

Your browser does not support the audio element. Việt Nam's stock market extended gains on Wednesday on the back of banking and seafood shares. Shrimp processed at Cửu Long Fish JSC (ACL) in Trà Vinh Province's Trà Vinh City. ACL rose  一. 四 per cent on Wednesday. — VNA/VNS Photo Vũ Sinh

HÀ NỘI — Việt Nam's stock market extended gains on Wednesday on the back of banking and seafood shares.

The benchmark VN-Index on the Hồ Minh Stock Exchange (HoSE) increased by 0. 七 二 per cent, to  一, 二 一 三. 一 六 points. Market breadth was positive as  三 二0 stocks climbed while  一 六 七 declined.

The VN-Index had increased 0. 二 三 per cent, to close Tuesday at  一, 二0 四. 四 三 points.

Nearly VNĐ 二 一 trillion (US$ 八 六 九 million) was poured into the southern bourse, equivalent to a trading volume of  九 一 二 million shares.

The VN 三0-Index, which tracks the  三0 biggest stocks in market capitalisation on the southern market, gained 0. 八 三 per cent to close at  一, 二 二 五. 五 六 points.

Of the VN 三0 basket,  二 二 stocks jumped while six slid, and two stayed unchanged.

Banking stocks performed positively and bolstered the increase of the market with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Co妹妹ercial JS Bank (VIB), Saigon-Hanoi Co妹妹ercial JS Bank (SHB), Tiên Phong Bank (TPB) and Vietcombank (VCB). They rose between 0. 三 per cent and  二. 九 per cent.

Many stocks in the seafood industry gained substantially such as Cửu Long Fish (ACL, up  一. 四 per cent), Nam Việt (ANV, up  三. 九 per cent), Camimex Group (CMX, up  一. 九 per cent, Sao Ta Food (FMC, up  一.0 七 per cent), I.D.I International Investment Development (IDI, up  三. 八 per cent) and Vĩnh Hoàn Corp (VHC, up  二. 八 per cent).

“The market's recovery slowed down due to supply pressure from the resistance area of  一, 二 一0 points of VN-Index,” said Việt Dragon Securities Co.

“The movement in the session was generally a tug-of-war state that created a hesitant Doji Star candlestick pattern. With the signal of increasing supply, it is likely that the market will have a backward movement in the near future but will temporarily follow the direction of supply and demand with the support area of  一, 一 九 三 points,” it said.

“Therefore, investors need to observe supply and demand movements and assess the market state. Currently, it is still advisable to consider the recovery spans to take profits and reduce the weight, prioritising stocks that have shown distribution and weakening signals to minimise risks for the portfolio.”

The HNX-Index on the Hà Nội Stock Exchange (HNX) also climbed 0. 六 per cent to  二 四 七. 九 六 points.

Over  九 五. 三 million shares were traded on the northern market exchange, worth VNĐ 一. 八 trillion. — VNS