Blue chip stocks lift up VN-Index

Tuesday, Jul 24, 2018 08:18

Investors follow stock movements at Bao Viet Securities Company’s trading floor in Ha Noi. — VNA/VNS Photo Pham Hau

The benchmark VN-Index on Monday bounced back from a fall on Friday thanks to the increases of individual large-cap stocks.

The benchmark VN Index on the HCM Stock Exchange rebounded 0.36 per cent to finish at 936.74 points. The index plunged 1.12 per cent on Friday.

The HNX Index on the Ha Noi Stock Exchange inched down 1.22 per cent to end at 106.30 points, having gained 1.93 per cent on Friday.

More than 253 million shares were traded on both local bourses, worth VND5.3 trillion (US$230 million).

Overall market conditions were balanced with 224 gainers and 223 losers, while 294 stocks closed unchanged.

Large-cap stocks performed well as the VN30 Index that tracks the performance of the 30 largest shares by market capitalisation added 0.52 per cent to 931.31 points.

Eighteen of the 30 largest stocks in the VN30 basket made gains, including brewery Sabeco (SAB), budget carrier Vietjet (VJC), FLC Faros Construction Joint Stock Company (ROS), insurer Bao Viet Holdings (BVH), PetroVietnam Gas JSC (GAS) and Viet Nam National Petroleum Group (PLX).

The sharp gains of those blue-chips supported the growth of the VN-Index.

Notably, VJC soared by 6.9 per cent to trade at VND140,000 per share. SAB increased by 5.3 per cent to trade at VND210,500 per share.

Sai Gon Thuong Tin Commercial Joint Stock Bank (STB) was the only gainer in the banking group on Monday, even hitting the daily limit rise of 6.8 per cent.

In the mid-cap and small-cap stock group, Hoang Anh Gia Lai Joint Stock Company (HAG) and Hoang Anh Gia Lai Agricultural JSC (HNG) surprised investors by shooting up 7 per cent and 5.4 per cent, respectively.

Bank stocks faced selling pressure, with Asia Commercial Bank (ACB), JSC Bank For Investment and Development of Viet Nam (BID), Vietinbank (CTG), Military Bank (MBB), Techcombank (TCB), Tien Phong Bank (TPB) and VPBank (VPB) all falling, from 2 per cent to 6.8 per cent.

Besides banking, the securities firms’ stocks also dived sharply, with laggards being HCM City Securities Corporation (HCM), Saigon Securities Incorporation (SSI), Viet Capital Securities Joint Stock Company (VCI) and VNDirect Securities Corporation (VND), dropping between 3.4 per cent and 5.8 per cent.

According to Bao Viet Securities Company, the market’s slight rise on high liquidity Friday indicated continuing inflows of money.

“The VN-Index is forecast to move sideways and modestly increase in the next sessions until approaching the next resistance at 945-960 points,” BVSC said. — VNS

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