Financial stocks boost VN market

Thursday, Jun 08, 2017 08:30

Trading at Bao Viet Securities Company in Ha Noi. Vietnamese shares rose yesterday on positive market outlook. — VNA/VN Photo Tran Viet

Shares extended gains on the two local stock exchanges yesterday owing to strong investor buying on a positive market outlook.

The benchmark VN-Index on the HCM Stock Exchange added 0.29 per cent to close at 753.46 points. The southern market index expanded 2 per cent in the last three trades.

On the Ha Noi Stock Exchange, the HNX-Index rose 1.80 per cent to 97.47 points. The northern market index has climbed 4.5 per cent since early this month.

Money continued to flow into the securities and banking sectors, averaging 1.77 per cent and 1.09 per cent, respectively, data on showed.

Shares of Vietinbank (CTG), Military Bank (MBB), Asia Commercial Bank (ACB), Sai Gon-Ha Noi Bank (SHB) and Nam Viet Nam (NVB) kept rising, of which NVB hit the maximum growing limit of 10 per cent capped on the Ha Noi’s exchange.

However, Vietcombank (VCB) and Sacombank (STB) tumbled due to rising profit-taking pressure.

For the brokerage companies, big names such as Saigon Securities Inc (SSI), HCM Securities Corp (HCM), FPT Securities (FTS) and BIDV Securities Co (BSI) gained between 0.2 per cent and 1 per cent.

Foreign investors continued to pour money in steel shares, of which Hoa Phat Group (HPG) and Hoa Sen Group (HSG) again topped the most purchased shares by the foreign sector with net buy values of nearly VND35 billion (US$1.5 million) and VND26.6 billion, respectively.

HPG rose nearly 3 per cent but HSG edged down 0.9 per cent.

Foreign traders were net buyers for nearly VND35 billion on the two exchanges yestersday.

According to analysts at BIDV Securities Co, the market rise slowing down may indicate a possible downward correction in the next session.

The VN-Index gained 4.6 per cent in the past one month and has climbed 13.3 per cent since early this year.

“However, the fact that the VN-Index was moving above the reference threshold for the whole session today showed investors’ strong confidence,” BIDV Securities’ analysts wrote in a note.

They reckoned the VN-Index would likely move around 750-755 in the coming sessions.

Many large-cap stocks lost value due to rising profit-taking pressure, including Vinamilk (VNM), Petrolimex (PXL), Vietjet (VJC) and FPT Corp (FPT).

Liquidity increased, with a total of 304.5 million shares worth around VND5.8 trillion ($254.8 million) being traded on the two markets, up 16.7 per cent in volume and 20.8 per cent in value compared to Tuesday’s figures. – VNS





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