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The stock market finished higher on Monday, backed by large-cap stocks, while foreign investors continued to withdraw money from both main bourses.
The VN-Index on the HCMC Stock Exchange (HoSE) gained for two straight days to approach the strong resistance level of 1,150 points. The index rose nearly 11 points, or 0.96 percent, to VND1,149.02 points.
The breadth of the market inclined to the positive zone, with 250 stocks advancing while 73 ticker symbols went down. Liquidity also improved, with trading value on the southern exchange up 11.5 percent over last Friday's trade to more than VND18.4 trillion (US$778.3 million).
The benchmark index's rally was driven by strong demand in large-cap stocks. The 30 biggest stocks tracker VN30-Index posted an increase of 13.73 points, or 1.22 percent, to end Monday at 1,143.16 points.
Twenty-three stocks in the VN30 basket climbed with one hitting the ceiling price, while four inched down and three ended flat.
Data compiled by the financial website www.vietstock.vn showed that BIDV (BID) was today's market leader with a gain of nearly 6 percent.
It was followed by Masan Group (MSN), Mobile World Investment Corporation (MWG), Vingroup (VIC), PV Gas (GAS), and Vinamilk (VNM). The stocks all increased 1.56-5 percent.
The risk-on sentiment also spread to other stocks in the manufacturing and real estate industries. For example, property developers Novaland (NVL), Development Investment Construction (DIG), Dat Xanh Group (DXG), and Phat Dat Real Estate Development (PDR) soared more than 2 percent, with PDR logging the maximum intra-day gain of 7 percent, while steel producers like Nam Kim Group (NKG) and Hoa Sen Group (HSG) jumped 2.17 percent and 1.45 percent, respectively.
The market's pillar sectors: banking and securities stocks also performed well. Techcombank (TCB), VPBank (VPB), SSI Securities Corporation (SSI), and Saigon - Hanoi Securities JSC (SHS) climbed at least 1 percent.
In contrast, some stocks still faced sell-off, with Vietcombank (VCB) being the biggest loser. The banking giant's shares dipped nearly 2.2 percent after surging nearly 4.3 percent last Friday.
On the Hanoi Stock Exchange (HNX), the HNX-Index also opened the new week on a positive note. The northern market's benchmark index ended Monday at 228.37 points, up 2.55 points, or 1.13 percent.
Investors poured more than VND2.18 trillion into the bourse, equivalent to a trading volume of nearly 134 million shares.
Foreign investors, on the other hand, withdrew from both exchanges. Particularly, they net sold nearly VND350 billion on HoSE and VND22.75 billion on HNX.
