Markets advance unsteadily on investor caution

Thursday, Sep 07, 2017 12:45

The benchmark VN Index on the HCM Stock Exchange added 0.36 per cent to close Thursday morning at 796.42 points. — Photo

Shares rose in both local markets on Thursday morning even as trading liquidity remained low, indicating that investors were continuing to be cautious about current conditions.

The benchmark VN Index on the HCM Stock Exchange added 0.36 per cent to close at 796.42 points. It has gained a total 2.5 per cent in the previous five sessions.

The HNX Index on the Ha Noi Stock Exchange edged up 0.32 per cent to end at 104.83 points. The northern market index had made a two-day increase of a total 0.7 per cent.

Around 97.5 million shares worth VND2.12 trillion (US$94.5 million) were traded on both local bourses.

According to analysts and brokerages, market trading will be unstable and highly risky in the coming sessions as investors are worried about local stock indices rising further.

Banks and some large-cap stocks were the main reasons for market buoyancy on Thursday morning.

Five of the 10 listed banks advanced, with Bank for Investment and Development of Viet Nam (BID), Sai Gon-Ha Noi Bank (SHB) and VPBank (VPB) being the biggest gainers.

Other blue chips also made gains, including PetroVietnam Gas (GAS), food and beverage producer Masan Group (MSN) and brewer Sabeco (SAB).

At the other end, property developers such as Novaland (NVL) and Vingroup (VIC) and steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG) were hit by profit-taking.

The afternoon session starts at 1pm. — VNS

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