Shares rise on purchasing power

Friday, Aug 31, 2018 07:29

An investor checks share prices on MB Securities Co’s trading floor. — VNS Photo Truong Vi

Stocks struggled on Thursday morning, but buying force was overwhelming in the afternoon’s session, helping the market rebound.

The benchmark VN Index on the HCM Stock Exchange advanced 1 per cent to close at 998.07 points, reversing its loss of 0.71 per cent on Wednesday.

The HNX Index on the Ha Noi Stock Exchange gained 0.71 per cent to end at 113.59 points. It gained 0.48 per cent on Wednesday.

More than 234.3 million shares were exchanged on the two bourses, worth VND5.4 trillion (US$232.5 million).

Market trading was positive with 258 gaining stocks and 185 decliners, while 301 stocks ended flat.

The blue-chip VN30 Index, which tracks the 30 largest shares by market capitalisation, rose 1.08 per cent to 975.43 points.

Cash was poured into large-caps, with gainers including Masan Group (MSN), budget airline Vietjet (VJC), Saigon Securities Incorporation (SSI) and dairy firm Vinamilk (VNM).

In particular, petroleum stocks made gains thanks to increasing global oil prices.

PetroVietnam Gas Joint Stock Corporation (GAS) increased 4 per cent, PetroVietnam Drilling & Well Services Corporation (PVD) advanced 3.3 per cent, PetroVietnam Technical Services Corporation (PVS) moved up 5.8 per cent and Viet Nam National Petroleum Group (PLX) gained 2.2 per cent.

WTI crude oil rose 1.4 per cent to trade at $69.51 per barrel. Brent crude oil rose 0.98 per cent to $77.04 per barrel.

Banking stocks also increased across the board, driving the market up. Among the gainers were JSC Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB), Vietinbank (CTG), Techcombank (TCB), VPBank (VPB) and Military Bank (MBB), up between 1 and 3.7 per cent.

According to BIDV Securities Company (BSC), the positive trend of the market after short-term profit taking on Wednesday will likely help the market break the 1,000-point level and move above this level soon.

“Investors can seek opportunities with good fundamental stocks and high liquidity in the market,” BSC said in its daily report.

Bao Viet Securities Company said in its daily report that the market was forecast to keep growing with a more balanced influence on groups of stocks in the next sessions. Cash inflows are projected to strongly run into bank, oil-gas and some large-cap stocks.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) edged up 0.88 per cent to finish at 51.78 points. The unlisted market index increased 0.1 per cent in the previous session. — VNS

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